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Medallion Financial Corp. (MFIN)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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8.32+0.08 (+1.00%)
As of 10:47AM EDT. Market open.
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  • A
    Anonymous
    Will MFIN be another financial that "pops" on news of 3rd Q results? Most are comming out with good results and MFIN should have better results for 3rd Q versus 2nd Q. Wonder how serious they are with their "streamline and restructure corporate cost structure" from Oct. investor presentation. they claim reduced employee headcount at parent company by 21% and closed 3 satellite offices.
    Medallion Bank should be doing great.
    Medallion Capital should not hurt them (a small piece of the company).
    Legacy medallion portfolio is the wild card. They have $5.8 million of loans on non accrual status and $48.2 million in process of foreclosure. Dont know what they carry this stuff on books at and if future losses are ahead. If they were smart they would have written them down so if any positive news they can claim back as income.

    Book value is around $12.90 a share. and look at that tier 1 ratio of 18%.
    One would think that stock could approach book value (look at trading of INBK as an example)
  • C
    Chris
    Great September shipment numbers for RVs. Best month on compatible record and up 32% over last year.
  • C
    Chris
    In their IR section on their webpage, they’ve posted an updated Investor Presentation for October.

    Fintech/ strategic partnership section looks good. They need to start putting out related press releases.
  • D
    David
    Pretty simple. No volume means no interest by anybody. Lots of institutions have probably looked at this stock, but none have jumped in to my knowledge. The board seems to be involved with gimmicks. If they do this then they can gimmick that. In the meantime their stock holders scratch their head and wonder what these guys are doing. And there, IMO is the rub, Present management and BoD, it seems to me, have not been favorable to its stockholders.
    I doubt very much they have missed a paycheck, they have kept dividends in a wholly owned bank, and have continued with their toys. My opinion is possible buyers of this stock see management's focus and it is not
    about doing anything for their stockholders.
    On November1st they will, I think, announce earnings. If they have pulled any shenanigans that help them and not the stockholders, then the pps will probably fall and the shorts will be right.
    However, if the earnings report is good+ and some movement to curtail expense is shown we might see some new interest by buyers. I am not hopeful.
  • A
    Alan
    Well, it’s 1:14 EDT and only 764 shares have traded, lol. I guess I could be the bull or big shorter in the MFIN market today, lol. What explains this? I guess at the least it says nobody will sell at $8.35 and nobody will buy at $8.52. The lack of volume in the stock has always been something that makes it feel real risky to me. Don’t feel like it contributes much to my access to funds. I’ve never sold a share of it, bought a few times, last time around $2 while holding my nose. Avg price about $4.
    Neutral
  • D
    David
    So is the bank wholly owned by Medallion Financial? It seems to me that the good stuff is being held in the bank and the Medallion Financial s being fed all the problems. Is the Finteck arrangement with the bank or Medallion Financial. To me this whole thing seems a bit shady. Maybe that is why there is no volume,
    Trying to read any banks financials takes a genius, which I obviously am not, but innovative bookkeeping seems to be the game of the day.
  • D
    David
    Just checked. The deal with Finteck is with the bank. So any benefit will go to the bank and maybe a pittance passed on to Medallion Financial. You can read a lot into this and none of it good.
  • D
    David
    Would sure like to get past the next earnings release so as to get rid of the negative $.97 figure Instead of a low earnings and a very high PE we should have well over a buck earnings and a PE around 7 or so. Maybe then somebody will start buying this stock.
  • M
    Mark
    "NYTWA’s plan would have the city guarantee the loans, paying off the full balance if drivers default. In return for those guarantees, the lenders would reduce loan balances to $145,000, with monthly payments set at $800."

    This is getting significant press and some political backing. There seems to be a lot of retail gambling inspired by this news stream -shorting when taxi drivers protest, covering when politicians say bailout. I am generally politically opposed to to government guarantees but it makes more sense here because the city betrayed the drivers when it let rideshares operate without the medallions it forced them to buy. At the very least this makes the easy case that rideshares must pay and obey regulations -which is an apt discussion as rideshares cost skyrocket and reliability tank.

    The plan underway is still a question mark -the refis have happened but there is no indication of the result.

    The NWTA deal would certainly make the medallion portfolio easier to sell much sooner. We need an estimate for this on earnings.

    https://www.laborpress.org/legislators-back-ny-taxi-workers-alliances-debt-relief-plan/
    https://www.nytimes.com/2021/09/28/opinion/nyc-taxi-debt.html
  • C
    Chris
    Great RV shipment #s for August!

    Up 33% vs last Aug. second best month ever (best was March 2021).

    “The RV industry has set a new monthly shipment record for ten straight months as RV manufacturers and suppliers work together to meet the sustained demand from RV consumers,” said RV Industry Association President & CEO Craig Kirby. “The substantial interest in Class B motorhomes reflects the younger, first-time buyers who are a big part of the surge in RV sales.”
  • J
    Jonathan
    Medallion transfer report over $90k for the second straight month.
  • D
    David
    When Zacks is pushing a stock IMO, they part of the pump and dump plan. I believe Seeking Alpha is the same.
    So be wary.
  • M
    Mark
    Low volume. Short volume percentages in the high 80s and 90s.
    I think some busboys turned day-traders are about to get burned...
  • D
    David
    No posts, no movement, no interest............looks like a lot of people have given up on MFIN. Wonder where all the so called help from the experts went as the pps has slid ever they signed up. I guess I understand as the taxi support seems to have made no difference and the SEC query is still in the wind.
    The possibility of bad news seems to loom large.
    You would think that reasonable earnings next quarter would put them in a completely different picture with a good PE, but I figure management will keep all the goodies in the bank and let the MFIN investors
    continue to flounder.
  • D
    David
    Somebody has to explain to me how a $29,000 no interest loan can help a taxi driver that owes at least 10 times that figure.
  • D
    David
    Seems a little early, but looks like the push the pps down is starting. Most of the time this action takes place a week to a few days before the earnings. Always just a push to take out any margin players and close stop loss settings. I imagine we will lose at least another 4 bits if not more, but if earnings are okay it should recover quickly. Same thing happens before xd. We'll see how bad this gets before the 1st.
  • J
    Jonathan
    Medallion transfer report out - just under $100k average. A lot of activity.
  • C
    Chris
    “New York City has begun doling out debt relief to struggling taxi medallion owners, Mayor Bill de Blasio announced Saturday.”
  • D
    David
    I'm not sure, but I think MFIN has written off most of the NYC Medallions to about $80,000 each so if NYC is putting the value at 145,000 and guaranteeing payoff the plus to MFIN is obvious. However, what is happening in Chicago and elsewhere is still vague. Anybody know the details for those other places?
  • R
    Ronald
    Is it possible that the 60,000 share buy and the 20,000 share buy today along with the highly unusual 158,000 shares traded yesterday were the result of the Company's buyback program?
    Bullish
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