Medallion Financial Corp. (NASDAQ:MFIN) Shares Sold by Corsair Capital Management L.P.

Corsair Capital Management L.P. reduced its holdings in Medallion Financial Corp. (NASDAQ:MFIN) by 28.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,653 shares of the credit services provider’s stock after selling 17,000 shares during the quarter. Corsair Capital Management L.P.’s holdings in Medallion Financial were worth $347,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new position in shares of Medallion Financial in the third quarter valued at $1,025,000. Bank of New York Mellon Corp grew its holdings in shares of Medallion Financial by 60.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,794 shares of the credit services provider’s stock worth $1,081,000 after acquiring an additional 52,857 shares during the last quarter. Ritholtz Wealth Management raised its position in shares of Medallion Financial by 13.2% during the second quarter. Ritholtz Wealth Management now owns 41,664 shares of the credit services provider’s stock worth $320,000 after purchasing an additional 4,862 shares during the period. Rhumbline Advisers lifted its holdings in shares of Medallion Financial by 2,306.5% during the second quarter. Rhumbline Advisers now owns 24,185 shares of the credit services provider’s stock valued at $186,000 after purchasing an additional 23,180 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Medallion Financial by 30.6% in the 2nd quarter. American Century Companies Inc. now owns 187,408 shares of the credit services provider’s stock worth $1,439,000 after purchasing an additional 43,917 shares in the last quarter. 40.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Medallion Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 16th.

Medallion Financial Price Performance

Shares of NASDAQ:MFIN opened at $9.46 on Wednesday. The firm has a 50 day simple moving average of $8.90 and a 200 day simple moving average of $8.28. Medallion Financial Corp. has a 52 week low of $6.48 and a 52 week high of $10.19. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $218.24 million, a PE ratio of 5.60 and a beta of 2.12.

Medallion Financial (NASDAQ:MFIN) last released its earnings results on Tuesday, October 29th. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Medallion Financial had a return on equity of 9.52% and a net margin of 13.72%. The company had revenue of $77.00 million during the quarter, compared to analyst estimates of $52.88 million. During the same quarter in the prior year, the company earned $0.48 earnings per share. As a group, research analysts expect that Medallion Financial Corp. will post 1.48 earnings per share for the current year.

Medallion Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.65%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Medallion Financial’s previous quarterly dividend of $0.10. Medallion Financial’s payout ratio is 26.04%.

About Medallion Financial

Medallion Financial Corp., together with its subsidiaries, operates as a specialty finance company in the United States. It operates in four segments: Recreation Lending, Home Improvement Lending, Commercial Lending, and Taxi Medallion Lending. The company offers loans that finance consumer purchases of recreational vehicles, boats, and other consumer recreational equipment; consumer financing for window, siding, and roof replacement, swimming pool installations, and other home improvement projects; senior and subordinated loans for the purchase of equipment and related assets necessary to open a new business, or purchase or improvement of an existing business; and taxi medallion loans to individuals and small to mid-size businesses.