Welcome to our dedicated page for Medallion Financial news (Ticker: MFIN), a resource for investors and traders seeking the latest updates and insights on Medallion Financial stock.
Medallion Financial Corp. (NASDAQ: MFIN) is a publicly traded specialty finance company with a significant presence in financing taxi medallions and other targeted industries. The company operates the largest taxitop advertising network in the United States.
Medallion Financial Corp. focuses on originating and servicing loans across various sectors, including recreation, home improvement, commercial lending, medallion lending, and corporate and other investments. Its most profitable segment is the Recreation sector, which includes financing for towable RVs and marine vehicles.
Headquartered in New York City with its primary subsidiary, Medallion Bank, located in Salt Lake City, Utah, the company is committed to expanding its consumer and mezzanine loan portfolio. Key industries served by Medallion include home improvement projects like replacement roofs, swimming pools, and windows.
In recent developments, Medallion Financial has made significant strides, such as being included in the Russell 3000® Index, which highlights the company’s financial performance and growth. This inclusion is a testament to Medallion’s successful strategic transformation into a leading consumer and commercial lender. The company is poised to introduce its services to a broader segment of the investment community through this prominent index.
Medallion Financial’s executive compensation and board nominees have gained support from ISS, a leading independent governance advisory firm. This endorsement reflects the company's alignment of pay and performance and the introduction of performance equity into its long-term incentive program.
The company is actively engaged in its annual proxy solicitation process, urging shareholders to vote for the re-election of two highly qualified directors and the approval of executive compensation packages. Medallion Financial remains focused on delivering substantial value creation for its shareholders.
For more information, visit the company's official website.
Medallion Financial Corp. (NASDAQ: MFIN), a specialty finance company, announced its participation in the upcoming Investor Summit 2024 Conference. The virtual event will feature a presentation by MFIN management on Tuesday, August 20 from 11:00 a.m. to 11:30 a.m. ET. Investors can access the webcast through a provided link, with registration required.
In addition to the presentation, MFIN management will be available for one-on-one meetings throughout the conference. The company is also actively seeking to enhance relations with institutional investors and family offices by offering individual meetings outside of conferences and earnings calls. Interested parties can contact Medallion Investor Relations to schedule meetings or for more information about the conference.
Medallion Financial Corp. (NASDAQ: MFIN) reported Q2 2024 results on July 30, 2024. The company achieved net income of $7.1 million ($0.30 per share), a decline from $14.2 million ($0.62 per share) in Q2 2023. Net interest income rose 7% to $49.9 million. Loan originations totaled $309.1 million, down from $346.3 million a year ago. Total loans grew 11% to $2.4 billion. The credit loss provision increased to $18.6 million, up from $8.5 million. The company repurchased 183,900 shares at $8.24 per share and declared a $0.10 per share dividend. The recreation lending segment saw originations of $209.6 million and loans grew 12% to $1.5 billion. Home improvement loan originations were $68.0 million, down from $117.0 million. Commercial loans reached $110.2 million. The company collected $2.3 million on taxi medallion-related assets, down from $10.6 million.
Medallion Bank (Nasdaq: MBNKP) reported its Q2 2024 results, showing mixed performance. Net income decreased to $15.0 million from $19.3 million in the prior year quarter, while net interest income increased to $50.2 million from $47.0 million. The bank's total loan portfolio grew 10% year-over-year to $2.3 billion. However, the net interest margin declined to 8.55% from 8.91%, and annualized net charge-offs increased to 2.31% from 0.63%. The recreation lending segment saw 12% growth, while home improvement lending grew 6%. The bank maintained a strong Tier 1 leverage ratio of 16.14% and declared a quarterly dividend of $0.50 per share on its Series F Preferred Stock.
Medallion Financial Corp. (NASDAQ: MFIN), a finance company specializing in loan origination and servicing across various consumer and commercial industries, has announced it will report its 2024 second quarter results on Tuesday, July 30, 2024, after market close. The company will host a conference call to discuss the financial results on Wednesday, July 31, 2024, at 9:00 a.m. Eastern time.
Investors can participate via phone or live webcast. A replay of the call will be available through August 7. Additionally, Medallion Financial is offering individual meetings with portfolio managers and analysts to enhance institutional investor relations.
Medallion Financial Corp. (NASDAQ: MFIN) has completed an amended and restated private placement of $17.5 million in senior unsecured notes to an institutional investor. This transaction increases the principal amount by $5 million, extends the maturity date from December 30, 2033, to June 30, 2039, and lowers the fixed interest rate from 9.00% to 8.875% per year. The notes have an investment grade rating of A- by Egan-Jones and will be used for general corporate purposes. The company emphasizes that these changes improve their balance sheet and capital structure, contributing to long-term shareholder value.
Medallion Financial Corp. (NASDAQ: MFIN) has announced the preliminary results of its 2024 Annual Meeting of Shareholders. Shareholders decisively elected the company’s director nominees, Robert M. Meyer and David L. Rudnick, with over 80% of votes cast in favor. Additionally, shareholders supported Medallion's 2023 executive compensation plan and the say-on-frequency vote by an overwhelming margin. President and COO Andrew Murstein expressed gratitude for the shareholders' trust and highlighted the value creation strategy and strong operational results. The final results are subject to certification and will be reported on a Form 8-K filed with the SEC.
ZimCal Asset Management is urging all stockholders of Medallion Financial Corp (MFIN) to vote for its proposed board candidates before the upcoming shareholder meeting on June 11, 2024. ZimCal argues that changing the Board of Directors is essential to unlocking MFIN's true value. They claim that the current board has prioritized management over stockholder interests and has shielded President and COO Andrew Murstein from SEC charges. ZimCal, one of MFIN's largest investors with $15.75 million in debt and equity exposure, believes that its candidates' independence and experience can drive positive changes and significant upside potential for the company. They have issued a call to action for stockholders to vote using the WHITE proxy card.
ZimCal Asset Management urges Medallion Financial Corp (MFIN) stockholders to vote for its proposed Board candidates before the June 11th, 2024 shareholder meeting. ZimCal argues that new Board members will prioritize stockholders' interests over management's, potentially unlocking significant value for MFIN. ZimCal criticizes MFIN's current leadership, including President and COO Andrew Murstein, who is under SEC investigation for securities law violations. ZimCal, with $15.75 million invested in MFIN and holding 90,010 shares, believes that its nominees bring the necessary independence and experience to drive positive change at MFIN. Detailed voting instructions and candidate information are available at www.restoretheshine.com.
Medallion Financial Corp. (NASDAQ: MFIN) will join the Russell 3000® Index, effective July 1, 2024. This inclusion follows the annual Russell US Indexes reconstitution, based on market capitalization as of April 30. Membership in the Russell 3000® Index ensures automatic inclusion in the Russell 1000® or Russell 2000® Index and relevant growth and value style indexes. Medallion's entry into this index highlights its growth and strategic transformation into a leading lender. Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, used widely by investment managers and institutional investors.
Medallion Financial Corp. (NASDAQ: MFIN) announced that Institutional Shareholder Services (ISS) recommends shareholders vote 'FOR' both of the Board's director nominees, Robert M. Meyer and David L. Rudnick, on the BLUE proxy card at the 2024 Annual Meeting on June 11. ISS also supports the executive compensation proposal. ISS noted Medallion's total shareholder return (TSR) outperformed peers and the market over one-, three-, and five-year periods. The report highlights the company's recovery from the taxi medallion crisis, the growth in consumer recreation and home improvement portfolios, and the resumption of dividends and stock repurchases.
ISS praised the alignment of pay and performance, citing the introduction of performance equity in the long-term incentive (LTI) program. Medallion's Board emphasizes delivering shareholder value and urges votes for their nominees and compensation approval.
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