Welcome to our dedicated page for Manhattan Bridge Capital news (Ticker: LOAN), a resource for investors and traders seeking the latest updates and insights on Manhattan Bridge Capital stock.
Manhattan Bridge Capital, Inc. (symbol: LOAN) is a prominent real estate finance company situated at 192 Lexington Avenue, New York, New York, United States. Operating as a Real Estate Investment Trust (REIT), the company focuses on the origination, servicing, and management of a diversified portfolio of first mortgage loans. These loans are short-term, secured, and non-banking, providing essential funding to real estate investors for acquisition, renovation, rehabilitation, or development projects within the New York metropolitan area, including New Jersey, Connecticut, and Florida.
Manhattan Bridge Capital, Inc. caters to both residential and commercial property ventures, ensuring that investors have the necessary financial backing to bring their projects to fruition. Recognized for its reliability and expertise, the company has built a strong reputation in the real estate finance sector. The firm's strategic approach includes offering loan renewals or extensions, tailored to meet the evolving needs of their clients.
With a commitment to transparency and excellence, Manhattan Bridge Capital, Inc. has consistently delivered value to its shareholders while maintaining robust financial health. The company’s dynamic loan portfolio and focused regional strategy make it a significant player in the real estate finance market. Investors and stakeholders can stay updated with the latest performance metrics, ongoing projects, and recent achievements by following the company's news and announcements.
Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) reported a net income of approximately $1,260,000, or $0.11 per share, for Q1 2023, a decline of 11.6% from $1,425,000, or $0.12 per share, in Q1 2022. This decrease is largely due to increased interest expenses related to higher LIBOR/SOFR rates and a special bonus to officers. Despite this, total revenues increased by 13.4% to approximately $2,398,000, driven by higher lending operations and interest rates. Interest income from secured commercial loans rose to about $1,954,000, with revenues supported by real estate collateral. As of March 31, 2023, total shareholders' equity was about $42,833,000. The Board authorized a share buyback program for up to 100,000 shares, valid until April 10, 2024. CEO Assaf Ran noted the challenges of a high-interest environment but emphasized the strength of their loan portfolio.
On April 17, 2023, Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) declared a quarterly dividend of $0.1125 per share. This dividend is set to benefit all shareholders of record as of July 10, 2023, with payment scheduled for July 17, 2023. This announcement highlights the company's ongoing commitment to return value to its shareholders amid its operational activities in the financial sector.
Manhattan Bridge Capital (Nasdaq: LOAN) announced a share repurchase plan, allowing the buyback of up to 100,000 common shares over the next twelve months. The decision, authorized by the Board of Directors, comes after a recent decline in share price due to negative market reactions. CEO Assaf Ran emphasized the belief in the company's portfolio strength and views the current share price as a buying opportunity. The company specializes in offering short-term secured loans to real estate investors in the New York metropolitan area and Florida. This press release contains forward-looking statements regarding future performance and market conditions.
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