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Medallion Financial Corp. (MFIN)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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2.5700-0.0500 (-1.91%)
At close: 4:00PM EDT
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  • d
    dbtunr
    Michael Jordan buys NASCAR slot and signs Bubba Wallace. RPM should have sold its slot to MJ.
  • d
    dbtunr
    There really must be serious doubt that they can pay back this $34M SBA loan. The huge block on the sell side yesterday is gone and the stock is up over 10% on just the fact they got a 9 day extension. Didn't they just secure a loan a few months back and raised almost $50M through the sale of MBNKP a few months before that?
  • C
    Chris
    Debt forgiveness “protests” for these medallion loans included taxi drivers blocking the Brooklyn bridge for a while today.

    Some popular dem-socialist politicians blamed predatory lenders and are calling for a bailout.
  • d
    dbtunr
    How come they are having so many issues repaying that SBA loan? First it was due June 1, got it extended to Sep 1. Now Sep 14. What is an extra two weeks going to get them? Do they have the money or not?
  • C
    Chris
    August medallion transfer #s show a lot of foreclosures listed at ~$96k. I’m sure there will be a further write down this next quarter from the $125k?
  • C
    Chris
    https://legislation.nysenate.gov/pdf/bills/2019/S6085

    NY State Senator, Jessica Ramos tweeting her proposed bill to the Taxi workers alliance.

    I’m certainly unskilled in reading in general, and especially reading of legal documents. I understand it as this:

    asks for lenders to voluntarily participate, who then refinance and:
    1). Forgive $175,000+ of loan principal
    2). Extend loan maturity date by 4 years
    3). Try to recover up to $175k, and if not able to achieve. the balance will be met by the (NY state budget??)
  • d
    dbtunr
    Ride-hailing giants have until midnight Thursday to comply with law that requires drivers to be classified as employees, but companies say they will suspend...
    Ride-hailing giants have until midnight Thursday to comply with law that requires drivers to be classified as employees, but companies say they will suspend...
    www.marketwatch.com
  • y
    yossi
    Q3 is expected to be profitable at last. What will wake up this beauty?
    Volumes are very low.
  • d
    dbtunr
    The common may be my worst investment ever. Should have stuck with the preferred.
  • y
    yossi
    Loan loss provision increased by $6.8 million due to COVID-19.
    All the other parameters are good.
    Medallion continues to go down (8% of loans). I hope this cleans all risks and we will see profits in H2.
  • d
    dbtunr
    nice run up on common, but almost no volume. You would think with the UBER/LYFT setback in CA that medallions would go up in value.

    MFINL is back to par
    MBNKP is back to $17
  • J
    Jonathan
    Waiting for the large volume day that carries us back to $5-$6. Medallion bank continues to grow more and more valuable and the medallion loan write-offs will run out (eventually).
    Bullish
  • d
    dbtunr
    Folks are willing to pay par for MFINL. I have sell orders in above par. Shares get redeemed in 7 1/2 months and will pay $1.68 in dividends between now and then.
  • m
    mike
    Researching Medallion Financial (NASDAQ:MFIN) stock? View MFIN's stock price, price target, earnings, financials, forecast, insider trades, news, and SEC filings at MarketBeat.
    Researching Medallion Financial (NASDAQ:MFIN) stock? View MFIN's stock price, price target, earnings, financials, forecast, insider trades, news, and SEC filings at MarketBeat.
    www.marketbeat.com
  • d
    dbtunr
    Consumer loans generate $145M in interest income. Medallion loans generate $3.5M in interest income. Even if every medallion stopped paying, the money involved is immaterial to the corporation. Medallions are less than 8% of loans outstanding but only 2% of income
  • W
    Wild Bill from Outta Town
    So what does everyone think about the quarterly earnings?? Given the current environment with covid I think there was far more positive than negative. Core lending is still growing strong even though they increased their lending requirements, medallion loans are down over $20M since the beginning of the year - $84M - only 8% of their total assets, more medallion loan delinquencies, less consumer loan delinquencies.

    If they are shedding medallion loans at a rate around $37M per year, the medallions will be gone within 2 years! That would mean $17M for loan losses. While they still will probably need to set aside some cash for loan losses, it should go way down. $17M earnings should be more than .64 per share per quarter. Unless I'm screwing up the calculations I think MFIN still has some significant upside!

    What am I missing??
  • J
    Jonathan
    Net income of the consumer / commercial segments is $9mm this quarter. $36mm annualized or $1.44 per share. $3.29 is an absolute bargain. I will continue buying at anything less than $7.20 (5x). $1.4mm in recoveries shows that medallion write-offs are not entirely worthless - but even if they are, the bank is strong enough on its own.
  • y
    yossi
    Good luck to all on Monday hopefully we will see positive EPS and strong demand for commercial loans with nice margin with lower provisions for bad debts... hopefully they will give strong guidance for H2.
  • W
    Wild Bill from Outta Town