Overview
Medallion Bank Q2 net income rises to $17.3 mln, up from $15.0 mln yr/yr
Net interest income for Q2 grows to $53.9 mln, up from $50.2 mln yr/yr
Co completed $77.5 mln Series G preferred stock offering and redeemed Series F securities
Result Drivers
STRATEGIC PARTNERSHIPS - Strategic partnership volumes grew 24% from Q1, contributing $169 mln in loans
CAPITAL MARKET ACTIVITY - Completed $77.5 mln Series G preferred stock offering and redeemed $46 mln Series F securities
MODERATE LOAN DEMAND - Demand for recreation and home improvement loans recovered slightly but remained moderate
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income | $17.30 mln | ||
Q2 Net Interest Income | $53.90 mln | ||
Q2 Net Interest Margin | 8.5% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Medallion Financial Corp is $11.00, about 6.8% above its July 29 closing price of $10.25
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 5 three months ago
Press Release: ID:nGNX55sGwZ
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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