Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) Sees Large Growth in Short Interest

Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 28,800 shares, a growth of 35.2% from the March 15th total of 21,300 shares. Based on an average daily trading volume, of 21,000 shares, the short-interest ratio is currently 1.4 days. Approximately 0.3% of the shares of the stock are short sold.

Institutional Investors Weigh In On Manhattan Bridge Capital

A number of large investors have recently added to or reduced their stakes in the company. Abacus Wealth Partners LLC increased its holdings in shares of Manhattan Bridge Capital by 288.7% in the first quarter. Abacus Wealth Partners LLC now owns 56,216 shares of the credit services provider’s stock worth $284,000 after buying an additional 41,752 shares during the period. Melia Wealth LLC purchased a new position in shares of Manhattan Bridge Capital in the first quarter worth about $315,000. Vanguard Group Inc. increased its holdings in shares of Manhattan Bridge Capital by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 370,622 shares of the credit services provider’s stock worth $1,842,000 after buying an additional 6,520 shares during the period. Moneta Group Investment Advisors LLC increased its holdings in shares of Manhattan Bridge Capital by 136.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 43,474 shares of the credit services provider’s stock worth $216,000 after buying an additional 25,096 shares during the period. Finally, Frazier Financial Advisors LLC purchased a new position in shares of Manhattan Bridge Capital in the fourth quarter worth about $206,000. Hedge funds and other institutional investors own 21.84% of the company’s stock.

Manhattan Bridge Capital Stock Up 1.0 %

NASDAQ:LOAN traded up $0.05 during trading hours on Friday, hitting $5.08. 15,837 shares of the company’s stock traded hands, compared to its average volume of 27,439. The business’s fifty day simple moving average is $4.86 and its two-hundred day simple moving average is $4.76. Manhattan Bridge Capital has a 52 week low of $4.27 and a 52 week high of $5.29. The firm has a market cap of $58.12 million, a P/E ratio of 10.58 and a beta of 0.59.

Manhattan Bridge Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $0.46 dividend on an annualized basis and a yield of 9.06%. Manhattan Bridge Capital’s payout ratio is 95.83%.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Manhattan Bridge Capital in a research note on Wednesday. They set a “strong-buy” rating for the company.

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.