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Yeah, its normal.. Rise and drop, repeat.. New lows high.. Im loading also..
Cheer
Dropped $.57 today. I think it's just a temporary dip. I'm loading up some more on LOAN while it's lower.
GLTA
RR
$LOAN hit new high AGAIN. $4.75. Going strong and I believe this will pass 5 bucks..
IMO
$LOAN hit new High. $4.74! KABOOM!!
IMO
$LOAN hit new High. $4.74! KABOOM!!
IMO
Manhattan Bridge Capital Reports Q1 EPS $0.08, no estimates available
Three months ended March 31, 2015 compared to three months ended March 31, 2014
Total revenue
Total revenues for the three month period ended March 31, 2015 were approximately $912,000 compared to approximately $609,000 for the three month period ended March 31, 2014, an increase of $303,000 or 49.8%. The increase in revenue represents an increase in lending operations. In 2015, approximately $757,000 of our revenue represents interest income on secured commercial loans that we offer to small businesses compared to approximately $507,000 for the same period in 2014, and approximately $155,000 represents origination fees on such loans compared to approximately $102,000 for the same period in 2014. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses.
ih.advfn.com/p.php?pid=nmona&article=66670311&symbol=LOAN
Last high was $4.64 back in March 2004. Right on the point...
Share Dividend Payday should be hree this weekend or early next week.. Payday $$$$$
S-3 from Manhattan Bridge Capital Shows Registration for $30M Mixed Securities Shelf Offering
$LOAN up $4.44.. GOING BREAK NEW HIGH IN COMPNAY HISTORY! BOOM.. MADMONEY!!!!
Up $4.25.. Going break new high.. BOOM!!
IMO
$LOAN charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN going STRONG, VERY BULLISH!
IMO
$LOAN Manhattan Bridge Capital, Inc
Manhattan Bridge Capital, Inc. Reports Results for 2014
Mon March 23, 2015 7:15 AM|GlobeNewswire | About: LOAN
Revenue Increases by 28.5% to Approximately $2.9 Million
Net Income Increases by 149.6 % to Approximately $1.455 Million
LONG ISLAND, N.Y., March 23, 2015 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that net income for the year ended December 31, 2014 was $0.29 per share or approximately $1,455,000, versus $0.14 per share, or approximately $583,000 for the year ended December 31, 2013. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity and minimal income tax expense for 2014 as a result of the Company's intention to elect REIT status for 2014.
Total revenue for the year ended December 31, 2014 was approximately $2,904,000 compared to approximately $2,260,000 for the year ended December 31, 2013, an increase of $644,000 or 28.5%. The increase in revenue represents an increase in lending operations. In 2014, approximately $2,401,000 of the Company's revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to approximately $1,858,000 in 2013, and approximately $503,000 represents origination fees on such loans compared to approximately $402,000 in 2013.
Total operating costs and expenses for the year ended December 31, 2014 were approximately $1,443,000 compared to approximately $1,282,000 for the year ended December 31, 2013, an increase of $161,000 or 12.6%. This increase in operating costs and expenses is primarily attributable to an increase in interest and amortization of debt service costs of approximately $121,000, which is primarily attributable to the Company's use of a line of credit in order to increase its ability to make loans.
As of December 31, 2014 total shareholders' equity was approximately $13,866,000 compared to approximately $8,893,000 as of December 31, 2013, an increase of $4,973,000.
In July 2014, we completed a public offering in which we raised net proceeds of approximately $4.3 million. As a result of the offering, we satisfy all of the requirements to be taxed as a REIT and intend to elect REIT status beginning with 2014.
In February 2015, we obtained a three-year $14 million revolving line of credit with Webster Business Credit Corporation, to replace our $7.7 million credit facility with Sterling National Bank.
Assaf Ran, Chairman of the Board and CEO, stated, "2014 was a year of major milestones for the Company. Not only did we continue our organic growth, but we also increased our line of credit, completed a stock offering and met the requirements to qualify the Company as a REIT. Due to these achievements, the Company paid $0.07 per share as cash dividends for the second and the third quarters, and $0.08 per share for the last quarter of 2014 to its shareholders."
"Due to our disciplined underwriting procedures, we have gone through one more year without a default or delinquency," added Mr. Ran.
About Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. offers short-term secured, nonbanking loans (sometimes referred to as ''hard money'' loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. We operate the web site: www.manhattanbridgecapital.com
It's looks (bleep) AWESOME!
IMO
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN extra dd links
Company name: Manhattan Bridge Capital, Inc
Company website: http://www.nextyellow.com/
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=LOAN+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=LOAN+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=LOAN+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/news - http://finance.yahoo.com/q/h?s=LOAN+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/LOAN/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=LOAN+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/LOAN
DTCC (dtcc.com): http://search2.dtcc.com/?q=Manhattan+Bridge+Capital%2C+Inc&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Manhattan+Bridge+Capital%2C+Inc
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Manhattan+Bridge+Capital%2C+Inc&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.nextyellow.com/
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.nextyellow.com/#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.nextyellow.com/
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/LOAN
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001080340&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=LOAN&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=LOAN
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=LOAN+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=LOAN+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=LOAN
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=LOAN
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=LOAN+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/LOAN/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=LOAN+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/LOAN.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=LOAN
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/LOAN/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/LOAN/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/LOAN
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/LOAN
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/LOAN:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=LOAN
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=LOAN
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN share structure
## source: otcmarkets.com
Market Value: $23,631,740 a/o Mar 19, 2015
Shares Outstanding: 6,059,576 a/o Aug 13, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
$LOAN recent news/filings
## source: finance.yahoo.com
Wed, 18 Mar 2015 20:16:00 GMT ~ 4:16 pm Manhattan Bridge Capital increases quarterly dividend to $0.08/share from $0.07/share
read full: http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#loan
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Wed, 18 Mar 2015 20:15:16 GMT ~ Manhattan Bridge Capital, Inc. Increases Its First Quarter Dividend
[GlobeNewswire] - LONG ISLAND, N.Y. -- Manhattan Bridge Capital, Inc. announced today that its board of directors had increased to $0.08 per share its previously declared $0.07 first quarter dividend. The dividend will ...
read full: http://finance.yahoo.com/news/manhattan-bridge-capital-inc-increases-201516840.html
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Wed, 04 Mar 2015 13:44:54 GMT ~ Manhattan Bridge Capital, Inc. Establishes a Three-year $14 Million Revolving Line of Credit
[at noodls] - Press Releases Contact: Assaf Ran, CEO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc. ... This is an abstract of the original noodl. To continue reading this document, click here for the original ...
read full: http://www.noodls.com/view/2532A03563A444343CD37649B97CAA1F8DB5DDB0
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Tue, 03 Mar 2015 15:27:59 GMT ~ MANHATTAN BRIDGE CAPITAL, INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Termination of a Materi
read full: http://biz.yahoo.com/e/150303/loan8-k.html
*********************************************************
Mon, 02 Mar 2015 12:00:00 GMT ~ Manhattan Bridge Capital, Inc. Establishes a Three-Year $14 Million Revolving Line of Credit
[GlobeNewswire] - LONG ISLAND, N.Y. -- Manhattan Bridge Capital, Inc. announced today that it has entered into a Line of Credit Agreement with Webster Business Credit Corporation pursuant to which the lender has agreed ...
read full: http://finance.yahoo.com/news/manhattan-bridge-capital-inc-establishes-120000667.html
*********************************************************
$LOAN DD Notes ~ http://www.ddnotesmaker.com/LOAN
4:43 PM EDT, 03/18/2015 (MT Newswires) -- Manhattan Bridge Capital (LOAN) said Wednesday it will pay a quarterly dividend on its common stock of $0.08 per share on April 15 to shareholders of record on April 10.
The financial services company has maintained its dividend rate from the previous quarter.
Shares were unchanged at closing, above the midpoint of the 52-week range of $1.80 - $4.44.
Price: 3.73, Change: , Percent Change:
www.mtnewswires.com Copyright © 2015 MTNewswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
Manhattan Bridge Capital, Inc. Establishes a Three-Year $14 Million Revolving Line of Credit
LONG ISLAND, N.Y., March 2, 2015 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that it has entered into a Line of Credit Agreement with Webster Business Credit Corporation pursuant to which the lender has agreed to advance up to $14 million at an interest rate of either LIBOR plus 4.75% or Prime plus $3.25% against assignments of mortgages and other collateral. The new line of credit will replace the $7 million line of credit the Company has with Sterling National Bank .
Assaf Ran , Chairman of the Board and CEO stated, "I am excited about taking the Company to the next stage in accordance to our plans and wishes. This new line of credit will help ensure our continuing growth and will help to enhance shareholders' value. I am looking forward to working with the Webster Business Credit Corporation team," added Mr. Ran.
Vanessa Kao , CFO of the Company stated, "I am grateful for the expanded opportunity for the Company created by the new line of credit from Webster Credit Business Corporation . This is a very important milestone for the Company."
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations," identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
CONTACT: Assaf Ran , CEO
(516) 444-3400
Source: Manhattan Bridge Capital, Inc.
Looking good? Exactly what looks "good"?
not been here for a while, too little money spread around too much.
Ya still around or has left the building? Haha
Cheer..
I hope youre not missed this out..
IMO
Cheer..
$LOAN going STRONG!!
Great dividend payout..
IMO
I Really Like Manhattan Bridge Capital, Inc.
Summary
*The company is operating as a REIT since 2014 and as such pays out most of its earnings to shareholders.
*They just increased their quarterly dividend to 8 cents / share, a 14.3% increase from previous quarter.
*The CEO believes a fair share price would be $5.6 (current $3.94).
Information about this little company providing a forward dividend yield of 8.12% is scarce and at this moment there is basically no analyst coverage on it. That is why I used the information provided by the company which I tried to supplement with various additional sources (e.g. reports from specialized firms, peers, general market data, etc.) to provide an easy to read report that summarizes the company's positives and negatives. I provided my own view on issues for which I could not find any data.
The Company
On its website, Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) describes itself as provider of 'short-term, secured, non-banking ("hard money") loans to real estate investors in Brooklyn, Queens, Bronx, Manhattan and Staten Island, as well as Long Island and Westchester to fund acquisitions of properties located in the New York Metropolitan area.'
'The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term.'
The Market
The Company conducts its business in New York Metropolitan Area. The property market is seeing increases both in monthly rents and in sales prices across all the areas / neighborhoods. The number of rentals has increased, while the number of sales has slightly decreased in 2014 compared to 2013. The outlook for 2015 remains overall positive.
For investors who want to delve down into the market information, I located a couple of good market reports here and here, provided by New York State Association of REALTORS and Douglas Elliman Real Estate, respectively.
The positives
The company does business in an area it knows well and where it is well known. It built its image over time as a reliable lender with consistent appraisals. As such it is now rated '#1 Hard Money Lender in NYC', as the company states.
Furthermore, the real estate market in the New York area is expected to remain solid and the developers' interest to renovate or build new units should rise, which in turn should provide a richer market for Manhattan Bridge Capital that should potentially translate in even further growth.
The negatives
Currently, the company is restricted to a single market. In the case of a downturn, it may run bigger losses or have more difficulties in finding new clients compared to companies operating in broader markets.
The Loan Structure and Strategy
The overall picture of the loans is best described in the following picture taken from the company's presentation flyer:
Figure 1. Loan Structure (as provided by LOAN)
As of March 2014, LOAN managed around 75 loans with a total value of $15.6 Million. Since 2007, it has completed approximately 280 transactions with a total value of $70 million while having no credit defaulting nor foreclosures, although loans in value of ca. $1 Million have been renewed or extended to avoid premature sales. Source: company's Presentation Flyer and Fillings.
According to their presentation flyer, the current loan is structured as follows: ca. 88% - residential; ca. 8% commercial and ca. 4% mix-use.
The positives
The team in charge of the business definitely has the necessary experience to allow for further growth. Promisingly they had no default in their history, and as their CEO stated, they strive to work together with the client, agreeing on new terms. As such, they are considered an 'innocent' hard money lender, contrary to a loan to own type. Indeed they were NOT targeted by the New York State Department of Financial Services investigation into potential predatory practices. At this time 9 of its app. 32 direct competitors are on the list of companies under scrutiny.
Due to their client orientated business and their conservative appraisal they managed to increase both their earnings and their profits. The quarterly revenue growth (yoy) was 33.40% and has a quarterly earnings growth (yoy) of 121.20%.
Moreover, this increase trickled down to the individual investor. The EPS and book value per share have all increased. Since the company started operating as a REIT in 2014, its quarterly dividend also increased. Indeed the company just re-declared its dividend payable in January 2015, increasing it to $0.08 /share from $0.07 / share, a 14.3% increase.
The negatives
Risks relate to the loan structure - a monthly interest payment for the duration of the credit and a balloon payment (the principal itself) at the end of the term. This structure puts a larger proportion of the capital at risk than a structure with monthly principal payment.
Furthermore as comes out from its filings and reports, LOAN makes no provision for possible future defaults. While this does reflect a team that is very confident in its ability to judge borrowers and loans (confidence backed up by the current 'no default' status), it does come with the risk of a relative one time huge negative impact in the quarterly filing in case the event does take place. Once this does take place, it could scare the investors away and lead to a sell off.
The Shareholders Structure and Insider Deals
At the time of writing, the insiders are adding to their shares, although they already own ca. 44%. The majority, almost 42% of the total outstanding shares are owned by the CEO itself. The institutional players are owning ca. 2%.
The positives
With such a big share of the company's stock in their possession, one can be sure that the team is working towards increasing share value and dividend.
The negatives
44% of shares as insiders' shares could mean that the interest of the minority shareholders could be hurt. One such controversial decision was taken in 2013 when the CEO had exchanged options with restricted shares, although the minority shareholders had opposed.(please see article here)
Growth and Future Growth Avenues
'The company has managed to grow organically from $6.7 to $9 Million' declared the CEO. This growth was possible by retaining profits and paying relatively small dividends between 2003 and 2005 and suspending the dividends in the period 2006-2012. After this they have grown their capital to about $14 Million through a secondary stock offering.
Another take home message from the CEO's recent interview (please see article here) is that for future growth the management is contemplating two strategies: leverage and equity offerings.
Based on the fact that the company has a leverage of just 60% and that the peers are usually leveraged at 1000% to 5000%, I can assume this will be the preferred route for growth. To date, LOAN is financing its activities through a revolving credit line of $6 Million with an interest rate of 6%, and also has ca. $1 Million of interest carrying debt at a rate of 10 to 12%.
I do believe equity offerings will come into play at share prices of ca. $5.6, the value which the CEO judges as fair for LOAN.
The positives
The company has shown it can grow without sacrificing profitability. This becomes more obvious when looking at the following parameters:
Profit Margin : 53.46%
Operating Margin : 59.59%
Return on Assets : 5.66%
Return on Equity : 9.81%
While leveraging up will put some stress on the net profit, I think this could bring a growth spurt that is most likely to be felt also by the individual shareholder. Also the risk should be manageable, and when compared to the leverage of the peers, remains still relatively small (even at 200% to 300%).
Issuing equity should raise the market cap and the liquidity of the company on the market, while adding debt free funds to the company's growth. This does entail a price for the shareholders which I detail below.
The negatives
One the one hand, the price for the shareholders will come in the form of diluting assets to share and most importantly dividend cuts, at least in the short term. On the other hand, more shares will mitigate one of the company's weaknesses: relatively reduced liquidity of the stock with average volume in the last 3 months of 42,033 and a relative small cap of ca. $20 Million.
The leverage up avenue of growth faces a potential risk in the form of rate hikes, which could lead to a decline in profitability. This could be offset by passing the cost to the clients, yet this could slow down the growth by reducing actual client numbers. In the end it will be a question of balancing how much additional cost should pass to new clients versus accepting the cost as to acquire new clients - a task that the team should manage well, taking into account their track record to date.
Conclusion and Investment Thesis
After taking a look at the above factors with their positive and negative implications, it is time to boil down some numbers and ponder investing. Unfortunately, without analyst coverage it becomes very hard to give a fair price target. Since I found only three references for a future price: $5.6 - as a target seen by the CEO of the company, $4.53 - provided by TheStreet.com, and $4.49 - provided by vectorvest.com, I will try to run a series of peer comparisons to come up with a target price.
When comparing the current price of $3.94 to its peers (e.g. dividend yield, P/E, price to book, etc.) the price is discounted. This can be seen in the following tables, where I tried to calculate a 'fair' price to be expected based upon industry averages:
Table 1 -Credit Services
*the price at which LOAN will attain the industry averages, rounded down
Table 2 -REIT- Residential
Table 3 -Financial Services
**the price at which LOAN will attain the industry averages, rounded down.
It seems that the P/E results are in line with the price estimates offered by the sites and the CEO. Also, the above tables suggest that the REIT - Residential industry averages is the most consistent data to be used for price estimates.
If one takes into account a forward dividend of $0.32 (if the dividend will remain at 0.08/share/quarter) and a target dividend yield of 5 to 8%, then a fair price would be in the $6.4 - $4 range.
When using the DCF model, assuming an average of 11.8% (the growth rate in the last year) and /or an average of 13.1% (the average of the past 5 years), a discount of 12% and a terminal growth of 4% after 10 years, one gets a fair value range between $3.98 - $4.33. When adding the tangible book value into play, one gets $6.27 to $6.62.
To better visualize the very dry numbers from the above calculations and estimates, I have drawn the following figure (Figure 2), where the x-axis represents the absolute price in $ and the y-axis represent the percentage difference between the current price and the estimated prices.
Figure 2. The graph does not take into account prices over $10 (I don't believe they are attainable in the near future). Current price in red.
All in all, I really like Manhattan Bridge Capital, Inc. and I believe is a good investment with a conservative upside potential of 45% to 70%. The stock is cheap so the downside is pretty limited. Having a REIT structure and solid earnings should mean that the dividend is safe and should probably rise as the business picks pace.
Next, we should witness retracement as profit-taking occurs, but the stock should resume its long-term uptrend. At this time, the short pressure is very low with only 1.4% of float being shorted.
Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
Additional disclosure: Share price at time of writing $3,94. The Article discusses a Company with small Cap and relatively low liquidity - increased risk! As usual due diligence is required before taking any (investment) decision!
In My Opinion.. IMO
$LOAN is going higher. Level 2 is very (BLEEP) thin.. IT GONNA BOOM!!
IMO
Manhattan Bridge Capital, Inc. Re-Declares Its Fourth Quarter Dividend
LONG ISLAND, N.Y., Dec. 17, 2014 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that its board of directors declared a $0.08 quarterly dividend instead of the $0.07 quarterly dividend that was previously declared. The dividend will be paid to all shareholders of record on January 10, 2015 with pay date on January 15, 2015 .
The board has not changed the $0.07 quarterly dividend that is set for April of 2015. CONTACT: Assaf Ran , CEO
(516) 444-3400
(END) Dow Jones Newswires
12-17-14 0700ET
This stock still going up and great dividends, Very impressive.. GO LOAN!!
Have a great weekend..
Cheer
IMO
$LOAN
DD Notes ~ http://www.ddnotesmaker.com/LOAN
##### recent news/filings ~ source: finance.yahoo.com
Mon, 09 Jun 2014 14:56:31 GMT ~ MANHATTAN BRIDGE CAPITAL, INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/140609/loan8-k.html
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Mon, 09 Jun 2014 11:00:00 GMT ~ Manhattan Bridge Capital, Inc. Increases Its Annual Dividend to $0.28 Per Share
[GlobeNewswire] - LONG ISLAND, N.Y. -- Manhattan Bridge Capital, Inc. announced today that it had increased its annual dividend to $0.28 per common share, payable in four equal quarterly instalments on July 15, 2014, October ...
read full: http://finance.yahoo.com/news/manhattan-bridge-capital-inc-increases-110000524.html
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Sat, 10 May 2014 17:04:17 GMT ~ MANHATTAN BRIDGE CAPITAL, INC Financials
read full: http://finance.yahoo.com/q/is?s=loan
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Thu, 01 May 2014 18:12:16 GMT ~ Manhattan Bridge Capital, Inc. Reports First Quarter Results
[GlobeNewswire] - LONG ISLAND, N.Y. -- Manhattan Bridge Capital, Inc. announced today total revenues for the three month period ended March 31, 2014 were approximately $609,000 compared to approximately $534,000 for the ...
read full: http://finance.yahoo.com/news/manhattan-bridge-capital-inc-reports-181216744.html
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Thu, 01 May 2014 16:15:09 GMT ~ MANHATTAN BRIDGE CAPITAL, INC Files SEC form 10-Q, Quarterly Report
read full: http://biz.yahoo.com/e/140501/loan10-q.html
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##### chart ~ source: stockcharts.com
##### chart ~ source: eoddata.com
##### company info ~ source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/LOAN/company-info
Ticker: $LOAN
OTC Market Place: Not Available
CIK code: 0001080340
Company name: Manhattan Bridge Capital, Inc
Company website: http://www.nextyellow.com/
Incorporated In: NY, USA
##### extra dd links
Edgar filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001080340&owner=exclude&count=40
Latest filings: http://www.otcmarkets.com/stock/LOAN/filings
Latest financials: http://www.otcmarkets.com/stock/LOAN/financials
Latest news: http://www.otcmarkets.com/stock/LOAN/news - http://finance.yahoo.com/q/h?s=LOAN+Headlines
Major holdings: http://data.cnbc.com/quotes/LOAN/tab/8.1
Insider transactions (1): http://finance.yahoo.com/q/it?s=LOAN+Insider+Transactions
Insider transactions (2): http://www.secform4.com/insider-trading/LOAN.htm
Insider transactions (3): http://www.insidercow.com/history/company.jsp?company=LOAN
RegSho: http://www.regsho.com/tools/symbol_stats.php?sym=LOAN&search=search
DTCC: http://search2.dtcc.com/?q=Manhattan+Bridge+Capital%2C+Inc&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information: http://www.spoke.com/search?utf8=%E2%9C%93&q=Manhattan+Bridge+Capital%2C+Inc
Corporation WIKI: http://www.corporationwiki.com/search/results?term=Manhattan+Bridge+Capital%2C+Inc&x=0&y=0
WHOIS: http://whois.domaintools.com/http://www.nextyellow.com/
Alexa: http://www.alexa.com/siteinfo/http://www.nextyellow.com/#
Corporate website internet archive: http://web.archive.org/web/*/http://www.nextyellow.com/
Short Sales: http://www.otcmarkets.com/stock/LOAN/short-sales
Insider Disclosure: http://www.otcmarkets.com/stock/LOAN/insider-transactions
Research Reports: http://www.otcmarkets.com/stock/LOAN/research
Historical Prices: http://finance.yahoo.com/q/hp?s=LOAN+Historical+Prices
Basic Tech. Analysis: http://finance.yahoo.com/q/ta?s=LOAN+Basic+Tech.+Analysis
Company Profile: http://finance.yahoo.com/q/pr?s=LOAN+Profile
Key Statistics: http://finance.yahoo.com/q/ks?s=LOAN+Key+Statistics
Industry: http://finance.yahoo.com/q/in?s=LOAN+Industry
Insider Roster: http://finance.yahoo.com/q/ir?s=LOAN+Insider+Roster
Income Statement: http://finance.yahoo.com/q/is?s=LOAN
Balance Sheet: http://finance.yahoo.com/q/bs?s=LOAN
Cash Flow: http://finance.yahoo.com/q/cf?s=LOAN+Cash+Flow&annual
Market Watch: http://www.marketwatch.com/investing/stock/LOAN
Bloomberg: http://www.bloomberg.com/quote/LOAN:US
Morningstar: http://quotes.morningstar.com/stock/s?t=LOAN
Bussinessweek: http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=LOAN
Barchart: http://www.barchart.com/quotes/stocks/LOAN
OTC Short Report: http://otcshortreport.com/index.php?index=LOAN
Investopedia: http://www.investopedia.com/markets/stocks/LOAN/?wa=0
http://www.pennystocktweets.com/stocks/profile/LOAN
##### last known share structure ~ source: otcmarkets.com
Market Value: $12,853,272 a/o Jun 20, 2014
Shares Outstanding: 4,270,190 a/o May 01, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001
##### business description ~ source: otcmarkets.com
DD Notes ~ http://www.ddnotesmaker.com/LOAN
07:14 AM EDT, 06/09/2014 (MT Newswires) -- Manhattan Bridge Capital (LOAN) increased its quarterly dividend rate to $0.07 per share, more than triple its prior quarterly rate of $0.02 per share.
The annual dividend amounts to $0.28 per share, payable in four equal quarterly installments on July 15, 2014, October 15, 2014, January 15, 2015 and April 15, 2015 to shareholders of record on July 10, 2014, and October 10, 2014, January 10, 2015 and April 10, 2015, respectively.
LOAN was inactive in recent pre-market trading after closing Friday at $2.29, in a 52-week range of $1.42 to $2.59.
Price: 2.29, Change: , Percent Change:
www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
LONG ISLAND, N.Y., March 24, 2014 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that net income for the year ended December 31, 2013 was $0.14 per basic share and per diluted share (based on 4.269 million shares and 4.290 million shares, respectively), or approximately $583,000 , versus $0.09 per basic share and per diluted share (based on 4.320 million shares and 4.326 million shares, respectively), or approximately $389,000 for the year ended December 31, 2012 . This increase is primarily attributable to an increase in revenue, offset by increases in interest expense and in income tax expense.
Total revenue for the year ended December 31, 2013 was approximately $2,260,000 compared to approximately $1,816,000 for the year ended December 31, 2012 , an increase of $444,000 or 24.4%. The increase in revenue represents an increase in lending operations. In 2013, approximately $1,858,000 of the Company's revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to approximately $1,476,000 in 2012, and approximately $402,000 represents origination fees on such loans compared to approximately $340,000 in 2012.
Total operating costs and expenses for the year ended December 31, 2013 were approximately $1,282,000 compared to approximately $1,151,000 for the year ended December 31, 2012 , an increase of $131,000 or 11.4%. This increase in operating costs and expenses is primarily attributable to an increase in interest and amortization of debt service costs of approximately $162,000 , which is primarily attributable to the Company's use of a line of credit in order to increase its ability to make loans.
As of December 31, 2013 total shareholders' equity was approximately $8,893,000 compared to approximately $8,479,000 as of December 31, 2012 , an increase of $414,000 .
Assaf Ran , Chairman of the Board and CEO, stated, "I'm pleased to report one more year of solid increase in revenue and net earning, simultaneously with no defaults. As the company's line of credit from Sterling National Bank was increased recently, I'm confident that we'll continue to grow in 2014 as well."
"During 2013 the company revived its cash dividend program, and later on doubled the dividend. As the company grows to the next level, it continues to explore the possibility of becoming a REIT, an entity which would not be subject to federal or state income taxes, although it does not currently meet all requirements for adopting REIT status," added Mr. Ran.
Manhattan Bridge Capital, Inc. , offers short-term, secured, non-banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. We operate the web site: http://www.manhattanbridgecapital.com
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations", identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2013 and 2012
2013 2012
Assets
Current assets:
Cash and cash equivalents $ 1,021,023 $ 240,693
Short term loans receivable 10,697,950 11,022,866
Interest receivable on loans 171,483 160,342
Other current assets 18,540 18,903
Total current assets 11,908,996 11,442,804
Investment in real estate 146,821 146,821
Long term loans receivable 3,997,000 2,601,500
Security deposit 6,637 6,491
Investment in privately held company 65,000 100,000
Deferred financing costs --- 41,735
Total assets $ 16,124,454 $ 14,339,351
Liabilities and Stockholders' Equity
Current liabilities:
Short term loans $ 1,319,465 $ 1,399,465
Line of credit 5,350,000 3,500,000
Senior secured notes --- 500,000
Accounts payable and accrued expenses 57,066 70,403
Deferred origination fees 132,017 122,242
Income taxes payable 373,219 268,256
Total liabilities, all current 7,231,767 5,860,366
Commitments and contingencies
Stockholders' equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued --- ---
Common shares - $.001 par value; 25,000,000 authorized; 4,433,190 and 4,405,190 issued; 4,256,190 and 4,298,059 outstanding 4,433 4,405
Additional paid-in capital 9,745,249 9,687,159
Treasury stock, at cost – 177,000 and 107,131 shares (369,335) (269,972)
Accumulated deficit (487,660) (942,607)
Total stockholders' equity 8,892,687 8,478,985
Total liabilities and stockholders' equity $ 16,124,454 $ 14,339,351
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED December 31, 2013 and 2012
2013 2012
Interest income from loans $ 1,858,033 $ 1,475,800
Origination fees 401,514 339,767
Total Revenue 2,259,547 1,815,567
Operating costs and expenses:
Interest and amortization of debt service costs 442,661 280,654
Referral fees 1,679 6,133
General and administrative expenses 837,788 864,398
Total operating costs and expenses 1,282,128 1,151,185
Income from operations 977,419 664,382
Other income 27,548 27,548
Loss on write-down of investment in privately held company (35,000) ---
Total other (loss) income, net (7,452) 27,548
Income before income tax expense 969,967 691,930
Income tax expense (387,000) (303,320)
Net income $ 582,967 $ 388,610
Basic and diluted net income per common share outstanding:
--Basic $0.14 $0.09
--Diluted $0.14 $0.09
Weighted average number of common shares outstanding
--Basic 4,269,169 4,320,050
--Diluted 4,289,818 4,326,329
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED December 31, 2013 and 2012
Common Stock Additional Paid-in
Capital Treasury Stock Accumulated
Deficit Totals
Shares Amount Shares Cost
Balance, January 1, 2012 4,405,190 $4,405 $9,656,280 80,731 $(241,400) $(1,331,217) $8,088,068
Non cash compensation 30,879 30,879
Purchase of treasury shares 26,400 (28,572) (28,572)
Net income for the year
ended December 31, 2012 388,610 388,610
Balance, December 31, 2012 4,405,190 4,405 9,687,159 107,131 (269,972) (942,607) 8,478,985
Non cash compensation 35,578 35,578
Exercise of stock options 28,000 28 22,512 22,540
Purchase of treasury shares 69,869 (99,363) (99,363)
Dividends paid (128,020) (128,020)
Net income for the year
ended December 31, 2013 582,967 582,967
Balance, December 31, 2013 4,433,190 $4,433 $9,745,249 177,000 $(369,335) $(487,660) $8,892,687
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED December 31, 2013 and 2012
2013 2012
Cash flows from operating activities:
Net income $ 582,967 $ 388,610
Adjustments to reconcile net income to net cash provided by operating activities --
Amortization of deferred financing costs 41,735 47,078
Depreciation --- 588
Non cash compensation expense 35,578 30,879
Loss on write-down of investment in privately held company 35,000 ---
Changes in operating assets and liabilities
Interest receivable on loans (11,141) (50,437)
Other current and non current assets 217 (2,582)
Accounts payable and accrued expenses (13,337) 10,331
Deferred origination fees 9,775 9,462
Income taxes payable 104,963 99,470
Net cash provided by operating activities 785,757 533,399
Cash flows from investing activities:
Issuance of short term loans (15,159,450) (15,173,500)
Collections received from loans 14,088,866 10,963,486
Net cash used in investing activities (1,070,584) (4,210,014)
Cash flows from financing activities:
Proceeds from loans and line of credit, net 1,770,000 3,740,000
Purchase of treasury shares (99,363) (28,572)
Repayment of senior secured notes (500,000) ---
Proceeds from exercise of stock options 22,540 ---
Dividends paid ($0.01 per share) (128,020) ---
Deferred financing costs incurred --- (16,025)
Net cash provided by financing activities 1,065,157 3,695,403
Net increase in cash and cash equivalents 780,330 18,788
Cash and cash equivalents, beginning of year 240,693 221,905
Cash and cash equivalents, end of year $ 1,021,023 $ 240,693
Supplemental Cash Flow Information:
Taxes paid during the year $ 283,084 $ 203,850
Interest paid during the year $ 400,925 $ 234,835
CONTACT: Assaf Ran , CEO
Vanessa Kao , CFO
(516) 444-3400
Source: Manhattan Bridge Capital, Inc.
LONG ISLAND, N.Y., Feb. 4, 2014 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that it would pay a $0.02 per share dividend to shareholders of record on May 15, 2014 , August 15, 2014 , November 14, 2014 and February 13, 2015 with pay dates on May 20, 2014 , August 20, 2014 , November 20, 2014 and February 20, 2015 .
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations", identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
CONTACT: Assaf Ran , CEO
(516) 444-3400
Source: Manhattan Bridge Capital, Inc.
Scheduled Dividends
otcqx.com/market-activity/scheduled-ex-dividends
Page 12
IMO
Manhattan Bridge Capital Says $1.30-a-Share Buyout Bid Ridiculously Low’
By Hui-yong Yu Jan 9, 2012 3:14 PM MT
Manhattan Bridge Capital Inc. (LOAN), which lends to investors in New York metropolitan area real estate, received a takeover offer of $1.30 a share, or $5.62 million, a bid the company dismissed as “ridiculously low.”
Investment firms Capstone Equities LLC and G Asset Management made the offer on Dec. 29, a day after Manhattan Bridge Capital shares closed at 90 cents, according to a statement released by Capstone today. The firms said they urged Great Neck, New York-based Manhattan Bridge Capital to hire an investment bank to find a higher offer, be liquidated or both.
“Manhattan Bridge Capital is trading at a material discount to its liquidation value,” Joshua Zamir, a Capstone managing principal, said in the statement. “We believe the best course of action is for the company to be taken private or liquidated,”
Assaf Ran, Manhattan Bridge Capital’s chairman and chief executive officer, said he doesn’t think the offer is serious and has no plans to hire an investment bank.
“The offer is ridiculously low,” Ran said in a telephone interview. The bid is about 50 percent of Manhattan Bridge Capital’s book value, he said. “They are totally disregarding the value of the business and the fact the company is profitable and growing.”
Manhattan Bridge Capital will respond to Capstone and G Asset Management in the next few days, he said.
To contact the reporter on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net
To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net
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