Manhattan Bridge Capital (NASDAQ:LOAN) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Manhattan Bridge Capital (NASDAQ:LOAN) in a research report sent to investors on Tuesday morning. The firm issued a strong-buy rating on the credit services provider’s stock.

Manhattan Bridge Capital Price Performance

Manhattan Bridge Capital stock opened at $5.60 on Tuesday. The firm has a 50-day moving average of $5.42 and a 200-day moving average of $5.32. Manhattan Bridge Capital has a one year low of $4.60 and a one year high of $5.90. The company has a market cap of $64.06 million, a price-to-earnings ratio of 11.43 and a beta of 0.57.

Manhattan Bridge Capital (NASDAQ:LOAN) last released its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. The firm had revenue of $2.31 million for the quarter. Manhattan Bridge Capital had a net margin of 56.93% and a return on equity of 13.06%.

Manhattan Bridge Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.115 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.46 dividend on an annualized basis and a yield of 8.21%. Manhattan Bridge Capital’s dividend payout ratio is currently 93.88%.

Hedge Funds Weigh In On Manhattan Bridge Capital

A number of hedge funds have recently modified their holdings of the business. Soltis Investment Advisors LLC acquired a new position in shares of Manhattan Bridge Capital during the third quarter worth $14,758,000. Renaissance Technologies LLC increased its stake in Manhattan Bridge Capital by 13.3% in the second quarter. Renaissance Technologies LLC now owns 187,428 shares of the credit services provider’s stock valued at $963,000 after purchasing an additional 21,950 shares in the last quarter. International Assets Investment Management LLC increased its stake in Manhattan Bridge Capital by 441.5% in the third quarter. International Assets Investment Management LLC now owns 146,682 shares of the credit services provider’s stock valued at $817,000 after purchasing an additional 119,595 shares in the last quarter. Beese Fulmer Investment Management Inc. increased its stake in Manhattan Bridge Capital by 53.4% in the third quarter. Beese Fulmer Investment Management Inc. now owns 129,981 shares of the credit services provider’s stock valued at $724,000 after purchasing an additional 45,222 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Manhattan Bridge Capital by 2.7% in the third quarter. Geode Capital Management LLC now owns 113,918 shares of the credit services provider’s stock valued at $635,000 after purchasing an additional 3,008 shares in the last quarter. Institutional investors and hedge funds own 21.84% of the company’s stock.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc, a real estate finance company, originates, services, and manages a portfolio of first mortgage loans in the United States. The company offers short-term, secured, and non-banking loans to real estate investors to fund acquisition, renovation, rehabilitation, or development of residential or commercial properties.