Medallion Financial Corp Receives “Market Perform” Rating from Keefe, Bruyette & Woods (TAXI)
Medallion Financial Corp (NASDAQ:TAXI)‘s stock had its “market perform” rating reaffirmed by Keefe, Bruyette & Woods in a research note issued on Friday. They currently have a $13.00 target price on the stock, down from their previous target price of $15.00. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 8.60% from the stock’s previous close.
The analysts wrote, “Earnings were well above expectations due to additional interest recovery income as well as strong loan growth in the bank. Portfolio yields were stable in medallion loans. TAXI’s consumer loan portfolio continued its rapid growth. Credit quality continues to be solid. We are raising our 2014 estimate but lowering our 2015 estimate. Due to continued growth in the consumer loan portfolio we are increasing our required return for TAXI. As a result, we are lowering our target price to $13 from $15.”
Medallion Financial Corp (NASDAQ:TAXI) traded down 0.92% during mid-day trading on Friday, hitting $11.86. The stock had a trading volume of 28,319 shares. Medallion Financial Corp has a 52-week low of $11.01 and a 52-week high of $17.85. The stock has a 50-day moving average of $11.57 and a 200-day moving average of $12.95. The company has a market cap of $295.6 million and a price-to-earnings ratio of 10.61.
Medallion Financial Corp (NASDAQ:TAXI) last released its earnings data on Monday, August 4th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. On average, analysts predict that Medallion Financial Corp will post $1.14 earnings per share for the current fiscal year.
In other Medallion Financial Corp news, Director Lowell P. Weicker, Jr. acquired 4,635 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average price of $11.66 per share, with a total value of $54,044.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Medallion Financial Corp. is a specialty finance company that is engaged in originating, acquiring, and servicing loans that finance taxicab medallions and various types of commercial businesses.
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