Manhattan Bridge Capital, Inc (NASDAQ:LOAN) Stock Short Interest Jumps 342.6%

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 56,608 shares, an increase of 342.6% from the September 30th total of 12,789 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 63,589 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LOAN. Weiss Ratings upgraded shares of Manhattan Bridge Capital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Zacks Research upgraded Manhattan Bridge Capital to a “hold” rating in a research report on Monday, October 5th. Two investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, Manhattan Bridge Capital currently has a consensus rating of “Hold”.

Manhattan Bridge Capital Stock Performance

NASDAQ:LOAN traded up $0.00 during midday trading on Thursday, reaching $3.40. 23,169 shares of the stock traded hands, compared to its average volume of 31,100. The company has a fifty day moving average of $3.80 and a 200 day moving average of $4.23. Manhattan Bridge Capital has a 12 month low of $3.31 and a 12 month high of $5.13. The stock has a market capitalization of $38.60 million, a P/E ratio of 8.12 and a beta of 0.20.

Manhattan Bridge Capital (NASDAQ:LOAN) last announced its quarterly earnings results on Wednesday, October 21st. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. Manhattan Bridge Capital had a net margin of 58.61% and a return on equity of 11.14%. The company had revenue of $2.06 million for the quarter, compared to analysts’ expectations of $2.05 million. On average, analysts predict that Manhattan Bridge Capital will post 0.42 EPS for the current fiscal year.

Manhattan Bridge Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a $0.1050 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.42 annualized dividend and a dividend yield of 12.3%. This is a decrease from Manhattan Bridge Capital’s previous quarterly dividend of $0.11. Manhattan Bridge Capital’s dividend payout ratio is currently 104.76%.

Insider Transactions at Manhattan Bridge Capital

In related news, CEO Assaf Ran bought 10,000 shares of Manhattan Bridge Capital stock in a transaction dated Thursday, October 22nd. The stock was purchased at an average cost of $3.47 per share, with a total value of $34,700.00. Following the transaction, the chief executive officer directly owned 1,245,000 shares of the company’s stock, valued at approximately $4,320,150. The trade was a 0.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 24.60% of the company’s stock.

Institutional Investors Weigh In On Manhattan Bridge Capital

Hedge funds have recently made changes to their positions in the company. RW Investment Management LLC purchased a new position in Manhattan Bridge Capital during the 2nd quarter valued at about $59,000. Eclectic Associates Inc. ADV purchased a new position in shares of Manhattan Bridge Capital during the second quarter valued at approximately $190,000. BlackRock Inc. purchased a new stake in shares of Manhattan Bridge Capital in the 2nd quarter worth approximately $198,000. Renaissance Technologies LLC grew its stake in shares of Manhattan Bridge Capital by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 196,018 shares of the credit services provider’s stock worth $872,000 after buying an additional 14,290 shares during the last quarter. Finally, Frazier Financial Advisors LLC increased its position in Manhattan Bridge Capital by 156.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 203,866 shares of the credit services provider’s stock valued at $907,000 after buying an additional 124,229 shares in the last quarter. 21.84% of the stock is currently owned by institutional investors.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) is a self-managed real estate investment trust that originates, services and manages loans secured by first mortgages on real property. The company primarily provides short-term, interest-only financing to real estate investors and owners who may require capital for property acquisitions, renovations, construction or other development-related needs.

Its loan portfolio is focused mainly on residential and commercial properties in the New York metropolitan area, including New York City and Long Island.