Manhattan Bridge Capital Inc. (NASDAQ:LOAN) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 21,500 shares, a growth of 225.8% from the May 30th total of 6,600 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average trading volume of 23,100 shares, the days-to-cover ratio is presently 0.9 days.
In other Manhattan Bridge Capital news, insider Assaf Ran acquired 5,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was purchased at an average cost of $6.00 per share, for a total transaction of $30,000.00. Following the transaction, the insider now owns 2,536,000 shares of the company’s stock, valued at approximately $15,216,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 27.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning bought a new stake in Manhattan Bridge Capital in the first quarter valued at $49,000. TCG Advisors LP bought a new stake in Manhattan Bridge Capital in the first quarter valued at $171,000. Shufro Rose & Co. LLC grew its position in Manhattan Bridge Capital by 33.0% in the second quarter. Shufro Rose & Co. LLC now owns 95,625 shares of the credit services provider’s stock valued at $612,000 after acquiring an additional 23,700 shares during the period. Finally, Granite Investment Partners LLC grew its position in Manhattan Bridge Capital by 87.8% in the first quarter. Granite Investment Partners LLC now owns 118,882 shares of the credit services provider’s stock valued at $755,000 after acquiring an additional 55,566 shares during the period. Hedge funds and other institutional investors own 15.25% of the company’s stock.
Shares of Manhattan Bridge Capital stock opened at $6.29 on Friday. The firm has a market cap of $60.76 million, a price-to-earnings ratio of 13.08 and a beta of 0.35. Manhattan Bridge Capital has a 52-week low of $5.34 and a 52-week high of $7.00. The firm’s 50-day moving average price is $6.27.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $0.48 annualized dividend and a dividend yield of 7.63%.
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. It offers short-term, secured, and non-banking loans to real estate investors to fund their acquisition, renovation, rehabilitation, or enhancement of properties in the New York metropolitan area.
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