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.
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.
Medallion Financial Corp. (NASDAQ: MFIN) reported a significant turnaround in its 2021 third quarter results, achieving a net income of $15.9 million ($0.64 per share) versus a loss of $23.6 million in the same period last year. Net interest income grew by 17% to $34.1 million, and loan originations surged 43% to $195.8 million. The net interest margin reached 9.48%. Additionally, the company recorded historically low net charge-offs and strong performance in consumer lending, bolstering its overall growth strategy.
Medallion Bank (Nasdaq: MBNKP) reported third-quarter 2021 results highlighting record net income of $19.7 million, a significant increase from a $13.2 million loss in the previous year. Net interest income rose to $35.3 million, with a loan loss benefit of $0.2 million. The recreation and home improvement loan portfolios grew by 15.9% and 26.4%, respectively. The Bank declared a $0.50
Medallion Financial Corp. (NASDAQ: MFIN) announced it will release its 2021 third quarter results on November 1, 2021, following market closure. A conference call to discuss these results is scheduled for November 2, 2021, at 9:00 a.m. ET. Investors can join the call by dialing (877) 407-0789. A live webcast will be available on the company's website. Additionally, Medallion Financial will host individual meetings with institutional investors starting November 3, 2021. The company has lent over $9 billion since its IPO in 1996.
Medallion Financial Corp. (NASDAQ: MFIN) announced participation in the virtual Colliers Securities Institutional Investor Conference on September 9, 2021. Senior management will be available for one-on-one meetings, and interested parties can schedule these through their Colliers representative or by contacting Medallion's Investor Relations at InvestorRelations@medallion.com. The company has a strong financial background, having loaned over $9 billion since its IPO in 1996, with $1.8 billion in assets under management as of June 30, 2021.
Medallion Financial Corp. (NASDAQ: MFIN) reported robust financial results for Q2 2021 with a net income of $10.3 million, or $0.41 per share, reversing a loss from the previous year. Medallion Bank achieved record net income of $17.5 million. Net interest income rose by 10.1% to $29.5 million, while the net consumer loan portfolio grew to $1.2 billion. Delinquencies decreased to 0.23% of total loans. The company is focused on growing its consumer business and managing risk amid a successful quarter.
Medallion Bank (Nasdaq: MBNKP) reported a record net income of $17.5 million for Q2 2021, up from $1.8 million in the same period last year. Net interest income also rose to $33.1 million, compared to $28.1 million in the prior year. The bank's total assets reached $1.4 billion, with a Tier 1 leverage ratio of 18.09%. Additionally, a quarterly cash dividend of $0.50 per share was declared, payable on October 1, 2021.
Medallion Financial Corp. (NASDAQ: MFIN) has appointed Robert M. Meyer as an independent director, increasing the board’s size to eight members, with five independents. Meyer, who has 47 years of banking experience, previously held executive positions at Valley National Bancorp and other institutions. His appointment is expected to enhance oversight and strategy, according to Chairman and CEO Alvin Murstein. Medallion Financial has originated over $9 billion in loans since 1996 and aims to drive shareholder value through strategic direction and governance improvements.
Medallion Financial Corp. (NASDAQ: MFIN) will release its 2021 second quarter results on August 2, 2021, after market closing. A conference call to discuss these results is scheduled for August 3, 2021, at 9:00 a.m. Eastern time. Participants can dial (855) 327-6837 toll-free or (631) 891-4304 direct. A live webcast will be available on their website. The replay of the call will be accessible until August 10, 2021, via phone and webcast. Medallion Financial has originated over $9 billion in loans since its IPO in 1996, focusing on various consumer and commercial niches.
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