In a report released today, Michael Diana from Maxim Group reiterated a Buy rating on Manhattan Bridge Capital Inc (NASDAQ: LOAN), with a price target of $8. The company’s shares opened today at $6.15.
Diana commented:
“In 3Q18, LOAN continued its loan origination momentum from 2Q18, with strong 12.9% net loan growth. This enabled LOAN to more-than-cover its $0.12 dividend, even though weighted average share count was up more than 14% due to a common equity offering of 1.4 million shares in July at $7.00 per share, which produced net proceeds of $9.9M. These proceeds were rapidly invested, due to robust loan demand. According to management, there has been no slackening of loan demand, so we expect strong net loan growth in 4Q18.”
According to TipRanks.com, Diana is a 4-star analyst with an average return of 4.6% and a 54.9% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Arlington Asset Investment, and Westamerica Bancorporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Manhattan Bridge Capital Inc with a $8 average price target.
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Manhattan Bridge Capital Inc’s market cap is currently $49.92M and has a P/E ratio of 13.37. The company has a Price to Book ratio of 2.15.
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Manhattan Bridge Capital, Inc. engages in originating, servicing, and managing a portfolio of first mortgage loans. It offers short-term, secured, non-banking loans to real estate investors to fund their acquisition and construction of properties located in the New York Metropolitan area.
