Manhattan Bridge Capital (LOAN) Earns Buy Rating from Analysts at Maxim Group

Maxim Group began coverage on shares of Manhattan Bridge Capital (NASDAQ:LOAN) in a report issued on Thursday morning, MarketBeat.com reports. The firm issued a buy rating and a $7.50 price objective on the credit services provider’s stock.

“Since its founding in 2007, Manhattan Bridge Capital has used very fast responses/fundings as a competitive advantage to grow its loan portfolio and its quarterly dividends, with no defaults or foreclosures. Due to steady loan portfolio growth, continued excellent credit quality and operating leverage, we expect the dividend, currently yielding 7.5%, to keep increasing. Under the new tax law, REIT distributions will be taxed at a maximum effective tax rate of 29.6% (prior 39.6%) vs. the new maximum individual rate of 37.0%.”,” the firm’s analyst wrote.

Shares of Manhattan Bridge Capital (NASDAQ:LOAN) traded up $0.07 on Thursday, reaching $5.97. The company’s stock had a trading volume of 12,672 shares, compared to its average volume of 13,729. The stock has a market capitalization of $48.86, a PE ratio of 14.56 and a beta of 0.73. Manhattan Bridge Capital has a fifty-two week low of $4.65 and a fifty-two week high of $7.65.

Manhattan Bridge Capital (NASDAQ:LOAN) last issued its quarterly earnings results on Thursday, October 19th. The credit services provider reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. The business had revenue of $1.59 million during the quarter. Manhattan Bridge Capital had a return on equity of 14.43% and a net margin of 59.63%.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.44 annualized dividend and a dividend yield of 7.37%. This is a boost from Manhattan Bridge Capital’s previous quarterly dividend of $0.10. Manhattan Bridge Capital’s dividend payout ratio (DPR) is currently 100.00%.

Large investors have recently added to or reduced their stakes in the stock. Bard Associates Inc. boosted its stake in Manhattan Bridge Capital by 0.7% during the second quarter. Bard Associates Inc. now owns 278,475 shares of the credit services provider’s stock valued at $1,657,000 after buying an additional 2,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in Manhattan Bridge Capital by 4.1% during the second quarter. Vanguard Group Inc. now owns 246,326 shares of the credit services provider’s stock valued at $1,466,000 after buying an additional 9,710 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its stake in Manhattan Bridge Capital by 159.5% during the third quarter. Moneta Group Investment Advisors LLC now owns 181,302 shares of the credit services provider’s stock valued at $181,000 after buying an additional 111,434 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Manhattan Bridge Capital by 16.4% during the first quarter. Renaissance Technologies LLC now owns 150,700 shares of the credit services provider’s stock valued at $889,000 after buying an additional 21,200 shares during the last quarter. Finally, Hilton Capital Management LLC bought a new position in Manhattan Bridge Capital during the second quarter valued at approximately $271,000. Hedge funds and other institutional investors own 11.97% of the company’s stock.

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Manhattan Bridge Capital Company Profile

Manhattan Bridge Capital, Inc (MBC) is a real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. The Company offers short-term, secured, non-banking loans to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area.

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