Medallion Financial Corp (NASDAQ:MFIN) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in Medallion Financial Corp (NASDAQ:MFIN) by 83.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 132,659 shares of the credit services provider’s stock after acquiring an additional 60,359 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Medallion Financial worth $894,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Tieton Capital Management LLC grew its holdings in shares of Medallion Financial by 7.6% in the 2nd quarter. Tieton Capital Management LLC now owns 227,345 shares of the credit services provider’s stock worth $1,532,000 after acquiring an additional 16,070 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Medallion Financial in the 2nd quarter worth $289,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Medallion Financial by 200.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,614 shares of the credit services provider’s stock worth $42,000 after acquiring an additional 4,414 shares during the last quarter. Institutional investors and hedge funds own 22.32% of the company’s stock.

Shares of NASDAQ MFIN opened at $5.85 on Friday. Medallion Financial Corp has a 52-week low of $4.07 and a 52-week high of $7.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $138.49 million, a price-to-earnings ratio of -10.83 and a beta of 1.52. The stock’s fifty day simple moving average is $5.58 and its 200 day simple moving average is $6.13.

Medallion Financial (NASDAQ:MFIN) last issued its quarterly earnings results on Monday, August 5th. The credit services provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.36). Medallion Financial had a negative net margin of 1.05% and a negative return on equity of 0.63%. The business had revenue of $24.88 million for the quarter, compared to analysts’ expectations of $31.52 million. As a group, analysts anticipate that Medallion Financial Corp will post -0.03 earnings per share for the current year.

A number of brokerages recently issued reports on MFIN. Zacks Investment Research upgraded Medallion Financial from a “strong sell” rating to a “hold” rating in a report on Wednesday. ValuEngine upgraded Medallion Financial from a “sell” rating to a “hold” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $10.67.

Medallion Financial Company Profile

Medallion Financial Corp., through with its subsidiaries, operates as a finance company in the United States. It originates, acquires, and services loans that finance taxicab medallions and various types of commercial businesses. The company offers consumer loans for the purchase of recreational vehicles, boats, motorcycles, and trailers, as well as to finance small scale home improvements; and commercial loans for the purchase of equipment and related assets necessary to open a new business, or purchase or improvement of an existing business.

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Institutional Ownership by Quarter for Medallion Financial (NASDAQ:MFIN)

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