Maxim Group Begins Coverage on Manhattan Bridge Capital (LOAN)

Maxim Group initiated coverage on shares of Manhattan Bridge Capital (NASDAQ:LOAN) in a report issued on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $7.50 price target 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 commented.

Shares of Manhattan Bridge Capital (LOAN) opened at $5.97 on Thursday. Manhattan Bridge Capital has a 12-month low of $4.65 and a 12-month high of $7.65. The stock has a market cap of $48.86, a P/E ratio of 14.56 and a beta of 0.73.

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

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hilton Capital Management LLC acquired a new position in shares of Manhattan Bridge Capital during the 2nd quarter valued at $271,000. Renaissance Technologies LLC lifted its holdings in shares of Manhattan Bridge Capital by 16.4% during the 1st quarter. Renaissance Technologies LLC now owns 150,700 shares of the credit services provider’s stock valued at $889,000 after acquiring an additional 21,200 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in Manhattan Bridge Capital by 159.5% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 181,302 shares of the credit services provider’s stock worth $181,000 after buying an additional 111,434 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Manhattan Bridge Capital by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 246,326 shares of the credit services provider’s stock worth $1,466,000 after buying an additional 9,710 shares in the last quarter. Finally, Bard Associates Inc. lifted its holdings in Manhattan Bridge Capital by 0.7% in the 2nd quarter. Bard Associates Inc. now owns 278,475 shares of the credit services provider’s stock worth $1,657,000 after buying an additional 2,000 shares in the last quarter. 11.97% of the stock is owned by institutional investors.

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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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