Medallion Finacl Stock Price, News & Analysis

Medallion Financial Corp. (NASDAQ: MFIN) has announced a new stock repurchase program authorized at $35 million, marking the largest in its history. The company also appointed Brent O. Hatch as the new Lead Independent Director and plans to add another independent director soon. Additionally, a cooperation agreement with KORR Value, L.P. was reached, ensuring KORR will withdraw its director nominees for the upcoming annual meeting. Medallion Financial aims to enhance corporate governance and boost shareholder value amidst significant growth in its consumer and commercial lending sectors.

Medallion Bank (Nasdaq: MBNKP) reported a net income of $18.8 million for Q1 2022, a 36% increase from the previous year. Net interest income rose to $37.2 million with a net interest margin of 9.66%. The recreation loan portfolio expanded by 21.5% to $1.0 billion, while home improvement loans surged by 38.3% to $473.5 million. The Board declared a dividend of $0.50 per share on April 28, payable on July 1, 2022.

Medallion Financial Corp. (NASDAQ: MFIN) has announced the resumption of its stock repurchase program, with $22.9 million allocated for buybacks. Share repurchases may occur through various methods, including open market transactions and 10b5-1 plans, depending on market conditions. As of December 31, 2021, the company had 25,173,386 shares outstanding. The program is subject to modification or termination by the Board of Directors at any time. This move aims to enhance shareholder value by potentially reducing outstanding shares.

KORR Value, L.P., a significant shareholder of Medallion Financial Corp (NASDAQ: MFIN), has expressed concerns over the company's governance, conflicts of interest, and lack of transparency, despite reporting record earnings. The company achieved a net income of $70 million in 2021, but its market capitalization remains low at $209 million. KORR urges for immediate governance improvements and strategic changes to enhance shareholder value.

Medallion Financial Corp. (NASDAQ: MFIN) announced a quarterly dividend of $0.08 per share following strong financial results for Q4 and the full year of 2021. Q4 net income reached $19.5 million ($0.78 per share), up from $6.5 million ($0.26 per share) year-over-year. Net interest income grew 25.1% to $35.6 million, with loan originations increasing 91.1% to $192.6 million. The company reported a record full-year net income of $54.1 million, a substantial turnaround from a net loss of $34.8 million in 2020. Total assets rose to $1.9 billion from $1.6 billion in the previous year.

Medallion Financial Corp. (NASDAQ: MFIN) announced it will release its 2021 fourth quarter and full-year financial results on February 23, 2022, after market close. A conference call to discuss these results is scheduled for February 24, 2022, at 9:00 a.m. Eastern time. Interested parties can join the call via toll-free or international numbers, and a live webcast will be available on the company's website. Replay options for the call will be accessible until March 3, 2022. Medallion Financial focuses on consumer and commercial loans in various industries.

Medallion Bank reported a strong performance for Q4 and the full year of 2021, achieving a record net income of $70.0 million, significantly up from $2.5 million in 2020. Q4 net income reached $19.0 million, with net interest income of $37.3 million. The bank’s total assets were $1.5 billion, and it maintained a solid Tier 1 leverage ratio of 17.5%. In addition, a quarterly dividend of $0.50 per share was declared on Series F Preferred Stock, payable on April 1, 2022.

Federman & Sherwood is investigating Medallion Financial Corp. (NASDAQ:MFIN) for potential violations of securities laws, following a complaint from the SEC on December 29, 2021. The SEC alleges that the company and its executives misled investors to manipulate the stock price, breaching antifraud and internal control laws. As a result of this news, Medallion's shares plummeted over 21% on the same day. Shareholders who incurred losses are encouraged to participate in the inquiry.

Medallion Financial (NASDAQ: MFIN) announced the complete divestiture of its NASCAR team, Richard Petty Motorsports (RPAC), to Warp Speed, LLC, for $19.1 million in gross proceeds. This transaction eliminates $26 million in intangible assets from the company’s balance sheet and boosts its tangible book value by over $1 per share. The company has a history of over $9 billion in loans since its IPO in 1996. CEO Andrew Murstein highlighted the successes achieved during their tenure with RPAC, including increased diversity in motorsports.