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Manhattan Bridge Capital, Inc. (LOAN)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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4.3400+0.1100 (+2.60%)
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Previous Close4.2300
Open4.2301
Bid4.3400 x 800
Ask5.4000 x 1200
Day's Range4.2150 - 4.3400
52 Week Range2.5400 - 6.6000
Volume32,724
Avg. Volume29,836
Market Cap41.78M
Beta (5Y Monthly)0.56
PE Ratio (TTM)9.52
EPS (TTM)0.4560
Earnings DateApr 13, 2020
Forward Dividend & Yield0.40 (9.46%)
Ex-Dividend DateOct 08, 2020
1y Target Est4.92
  • GlobeNewswire

    Manhattan Bridge Capital, Inc. Declares Quarterly Dividend

    GREAT NECK, N.Y., July 30, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its board of directors has declared a quarterly dividend of $0.10 per share to be paid to all shareholders of record on October 9, 2020. The dividend will be paid on October 15, 2020. SOURCE: Manhattan Bridge Capital, Inc. CONTACT: Contact: Assaf Ran, CEO (516) 444-3400

  • GlobeNewswire

    Manhattan Bridge Capital, Inc. Reports Second Quarter 2020 Results

    GREAT NECK, N.Y., July 23, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its total revenues for the three months ended June 30, 2020 were approximately $1,741,000 compared to approximately $1,779,000 for the three months ended June 30, 2019, a decrease of $38,000, or 2.1%. The decrease in revenues was primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the three months ended June 30, 2020 and 2019, approximately $1,490,000 and $1,487,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately $251,000 and $292,000, respectively, of our revenues were attributable to origination fees on such loans. Net income for the three months ended June 30, 2020 was approximately $1,097,000, or $0.11 per basic and diluted share (based on approximately 9.63 million weighted-average outstanding common shares), as compared to approximately $1,084,000, or $0.11 per basic and diluted share (based on approximately 9.66 million weighted-average outstanding common shares), for the three months ended June 30, 2019. The increase is primarily attributable to the decrease in interest expense, offset by the decrease in revenue.Total revenues for the six months ended June 30, 2020 were approximately $3,452,000 compared to approximately $3,567,000 for the six months ended June 30, 2019, a decrease of $115,000, or 3.2%. The decrease in revenues were primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the six months ended June 30, 2020 and 2019, revenues of approximately $2,964,000 and $2,990,000, respectively, were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately $488,000 and $577,000, respectively, were attributable to origination fees on such loans.Net income for the six months ended June 30, 2020 was approximately $2,113,000, or $0.22 per basic and diluted share (based on approximately 9.64 million weighted-average outstanding common shares), as compared to approximately $2,205,000, or $0.23 per basic and diluted share (based on approximately 9.66 million weighted-average outstanding common shares), for the six months ended June 30, 2019. This decrease is primarily attributable to the decrease in revenue and the increase in general and administrative expenses, offset by the decrease in interest expense.       As of June 30, 2020, total stockholders' equity was approximately $32,852,000.Assaf Ran, Chairman of the Board and CEO, stated, “We hope that the worst is behind us, yet, the level of uncertainty about the future is still high. The COVID-19 is a reality test for our underwriting skills and performance, and so far, I’m proud to say – we are passing! Although we have dealt, and still are dealing with, some COVID-19 related issues, at this point we consider them manageable, minor and immaterial. I believe that based on our underwriting skills and performance, we belong to a selective group of REITs that did not pause or substantially reduce dividends. Further, due to the hard work and devotion of our team, we managed to approximately match the results of the same quarter a year ago.”About Manhattan Bridge Capital, Inc.Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the web site: https://www.manhattanbridgecapital.com.Forward Looking StatementsThis press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when we discuss our hope that the worst of the COVID-19 pandemic is behind us, our belief that the COVID-19 pandemic was a reality test for our underwriting skills and performance and so far we believe we are passing, our belief that the COVID-19 related issues, at this point, are manageable, minor and immaterial and that based on our underwriting skills and performance, and our belief that we belong to a selective group of REITs that did not pause or substantially reduce dividends, we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS  June 30, 2020 December 31, 2019   (unaudited) (audited) Assets         Loans receivable $55,857,217  $53,485,014  Interest receivable on loans  770,628   675,996  Cash  194,026   118,407  Other assets  118,909   53,218  Operating lease right-of-use asset, net  64,506   87,754  Deferred financing costs  37,026   22,637  Total assets $57,042,312  $54,443,026                      Liabilities and Stockholders’ Equity         Liabilities:         Line of credit $18,076,228  $15,232,993  Senior secured notes (net of deferred financing costs of $434,870 and $472,413)   5,565,130   5,527,587  Deferred origination fees  361,632   322,119  Accounts payable and accrued expenses  119,808   151,823  Operating lease liability  67,577   91,025  Other liabilities  \---   15,000  Dividends payable  \---   1,159,061  Total liabilities  24,190,375   22,499,608            Commitments and contingencies         Stockholders’ equity:         Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued  \---   \---  Common shares - $.001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,626,845 and 9,658,844 outstanding, respectively  9,882   9,882  Additional paid-in capital  33,150,564   33,144,032  Treasury stock, at cost – 255,213 and 223,214 shares  (771,559)  (619,688) Retained earnings (accumulated deficit)  463,050   (590,808) Total stockholders’ equity  32,851,937   31,943,418  Total liabilities and stockholders’ equity $57,042,312  $54,443,026        MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30,Six Months Ended June 30,   2020  2019  2020  2019  Interest income from loans$1,490,395 $1,487,117 $2,963,940 $2,990,202  Origination fees 250,791  292,253  488,233  577,227  Total revenue 1,741,186  1,779,370  3,452,173  3,567,429        Operating costs and expenses:     Interest and amortization of debt service costs 326,247  387,511  678,689  766,393  Referral fees 1,386  625  1,928  2,708  General and administrative expenses 318,726  309,619  663,507  598,356  Total operating costs and expenses 646,359  697,755  1,344,124  1,367,457  Income from operations 1,094,827  1,081,615  2,108,049  2,199,972  Other income 3,000  3,000  6,000  6,000  Income before income tax expense 1,097,827  1,084,615  2,114,049  2,205,972  Income tax expense (645) (572) (645) (572) Net income$1,097,182 $1,084,043 $2,113,404 $2,205,400        Basic and diluted net income per common    share outstanding:     \--Basic$0.11 $0.11 $0.22 $0.23  \--Diluted$0.11 $0.11 $0.22 $0.23        Weighted average number of common shares outstanding:     \--Basic 9,628,405  9,659,317  9,640,146  9,657,557  \--Diluted 9,628,405  9,661,620  9,640,146  9,659,897                MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)FOR THE THREE MONTHS ENDED JUNE 30, 2020 Common SharesAdditional Paid in CapitalTreasury StockRetained EarningsTotals  SharesAmount SharesCost   Balance, April 1, 20209,882,058$9,882$33,147,298249,823$(750,724)$  425,414 $  32,831,870  Purchase of treasury shares   5,390 (20,835)  (20,835) Non - cash compensation   3,266    3,266  Dividends paid      (1,059,546) (1,059,546) Net income      1,097,182  1,097,182  Balance, June 30, 20209,882,058$9,882$33,150,564255,213$(771,559)$463,050 $32,851,937  FOR THE THREE MONTHS ENDED JUNE 30, 2019 Common SharesAdditional Paid in CapitalTreasury StockRetained   EarningsTotals  SharesAmount SharesCost   Balance, April 1, 20199,881,191$9,881$33,134,235219,214$(595,878)$672,556 $  33,220,794  Purchase of treasury shares   4,000 (23,810)  (23,810) Non - cash compensation   3,266    3,266  Dividends paid      (1,159,438) (1,159,438) Net income      1,084,043  1,084,043  Balance, June 30, 20199,881,191$9,881$33,137,501223,214$(619,688)$  597,161 $33,124,855  FOR THE SIX MONTHS ENDED JUNE 30, 2020      Common SharesAdditional Paid in CapitalTreasury StockAccumulated Deficit (Retained Earnings)Totals  SharesAmount SharesCost   Balance, January 1, 20209,882,058$9,882$33,144,032223,214$(619,688)$  (590,808)$ 31,943,418  Non - cash compensation   6,532    6,532  Purchase of treasury shares   31,999 (151,871)  (151,871) Dividends paid      (1,059,546) (1,059,546) Net income      2,113,404  2,113,404  Balance, June 30, 20209,882,058$9,882$33,150,564255,213$(771,559)$463,050 $32,851,937  FOR THE SIX MONTHS ENDED JUNE 30, 2019      Common SharesAdditional Paid in CapitalTreasury StockAccumulated Deficit (Retained Earnings)Totals  SharesAmount SharesCost   Balance, January 1, 20199,874,191$9,874$33,110,536218,214$(590,234)$(448,801)$  32,081,375  Exercise of options7,000   7 20,433    20,440  Purchase of treasury shares   5,000 (29,454)  (29,454) Non – cash compensation   6,532    6,532  Dividends paid      (1,159,438) (1,159,438) Net income      2,205,400     2,205,400    Balance, June 30, 20199,881,191$9,881$33,137,501223,214$(619,688)$  597,161 $33,124,855  MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)    Six Months Ended June 30,       2020    2019  Cash flows from operating activities:           Net income   $2,113,404  $2,205,400  Adjustments to reconcile net income to net cash provided by    operating activities -           Amortization of deferred financing costs    50,256   47,244  Adjustment to operating lease right-of-use asset and liability    (200)  \---  Depreciation    548   815  Non-cash compensation expense    6,532   6,532  Changes in operating assets and liabilities:           Interest receivable on loans    (124,303)  (76,123) Other assets    (65,316)  (55,243) Accounts payable and accrued expenses    (32,015)  (60,927) Deferred origination fees    39,513   (8,233) Net cash provided by operating activities    1,988,419   2,059,465              Cash flows from investing activities:           Issuance of short term loans    (21,798,160)  (24,697,965) Collections received from loans    19,455,628   23,622,125  Release of loan holdback relating to mortgage receivable    (15,000)  \---  Purchase of fixed assets    (923)  \---  Net cash used in investing activities    (  2,358,455)  (  1,075,840)             Cash flows from financing activities:           Proceeds from line of credit, net    2,843,235   1,115,656  Dividends paid    (2,218,607)  (2,318,155) Purchase of treasury shares    (151,871)  (29,454) Deferred financing costs incurred    (27,102)  \---  Proceeds from exercise of stock options    \---   20,440  Net cash provided by (used in) financing activities    445,655   (1,211,513)             Net increase (decrease) in cash    75,619   (227,888) Cash, beginning of period    118,407   355,057  Cash, end of period   $194,026  $127,169              Supplemental Cash Flow Information:           Taxes paid during the period   $645  $572  Interest paid during the period   $650,130  $733,160  Operating leases paid during the period   $27,227  $25,584              Supplemental Information – Noncash Information:           Establishment of right-of-use asset and operating lease liability   $\---  $135,270  Interest receivable converted to loans receivable in connection with forbearance agreements   $29,671  $\---              SOURCE: Manhattan Bridge Capital, Inc.  CONTACT: Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400

  • GlobeNewswire

    Manhattan Bridge Capital, Inc. Announces Payment of Quarterly Dividend

    GREAT NECK, N.Y., June 29, 2020 -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that, in accordance with the board approved dividend declared on May 7, 2020, a.