Manhattan Bridge Capital, Inc (NASDAQ:LOAN) Shares to Pay Quarterly Dividend of $0.10

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Thursday, December 31st will be given a dividend of $0.1050 per share by the credit services provider on Friday, January 15th. This represents a $0.42 annualized dividend and a yield of 12.0%. The ex-dividend date of this dividend is Thursday, December 31st. This is a 4.5% decrease from Manhattan Bridge Capital’s previous quarterly dividend of $0.11.

Manhattan Bridge Capital has a payout ratio of 91.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Manhattan Bridge Capital to earn $0.44 per share next year, which means the company may not be able to cover its $0.44 annual dividend with an expected future payout ratio of 100.0%.

Manhattan Bridge Capital Stock Up 2.9%

Manhattan Bridge Capital stock traded up $0.10 during midday trading on Thursday, hitting $3.49. 95,514 shares of the stock were exchanged, compared to its average volume of 31,443. The stock has a market capitalization of $39.89 million, a PE ratio of 8.31 and a beta of 0.20. The company has a fifty day simple moving average of $3.87 and a two-hundred day simple moving average of $4.17. Manhattan Bridge Capital has a 52 week low of $3.31 and a 52 week high of $5.27.

Manhattan Bridge Capital (NASDAQ:LOAN) last issued its earnings results on Wednesday, October 21st. The credit services provider reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. The firm had revenue of $0.00 million during the quarter, compared to the consensus estimate of $2.04 million. Manhattan Bridge Capital had a net margin of 58.30% and a return on equity of 11.02%. As a group, equities research analysts anticipate that Manhattan Bridge Capital will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Manhattan Bridge Capital

In related news, CEO Assaf Ran purchased 10,000 shares of Manhattan Bridge Capital stock in a transaction dated Thursday, October 22nd. The stock was bought at an average price of $3.47 per share, for a total transaction of $34,700.00. Following the completion of the acquisition, the chief executive officer directly owned 1,245,000 shares of the company’s stock, valued at $4,320,150. This represents a 0.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Manhattan Bridge Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Melia Wealth LLC bought a new stake in Manhattan Bridge Capital in the 2nd quarter valued at $1,974,000. Frazier Financial Advisors LLC acquired a new position in Manhattan Bridge Capital in the 2nd quarter worth $970,000. Renaissance Technologies LLC lifted its holdings in shares of Manhattan Bridge Capital by 7.9% in the first quarter. Renaissance Technologies LLC now owns 196,018 shares of the credit services provider’s stock valued at $872,000 after purchasing an additional 14,290 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Manhattan Bridge Capital during the second quarter worth about $198,000. Finally, Eclectic Associates Inc. ADV acquired a new position in shares of Manhattan Bridge Capital during the second quarter worth about $190,000. 21.84% of the stock is currently owned by institutional investors and hedge funds.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) is a real estate finance company that originates, services and manages short-term, first-mortgage loans. Its loans are generally secured by residential real estate and are designed to provide financing for property acquisitions, renovations, development and other real estate-related purposes.

The company primarily serves real estate investors and developers seeking financing that may not be available through traditional lending channels. Its lending activities have historically been concentrated in the New York metropolitan area and other selected markets, with an emphasis on collateral-based underwriting and short-term loan structures.

Manhattan Bridge Capital was founded in 2003 and is headquartered in Great Neck, New York.