Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: August 4, 2016
Event Reported: Stock repurchase activity under an authorized program.
Key Financial Metrics
This filing reports specific transaction data regarding a stock repurchase rather than comprehensive financial statements (revenue, profit, or cash flow).
- Shares Purchased (Aug 4, 2016): 21,587 shares
- Total Cost (Aug 4, 2016): $119,914
- Average Price per Share: $5.55 (inclusive of commissions)
- Remaining Program Authorization: $23,183,537
- Total Historical Repurchases (Since Nov 2003): 2,591,538 shares at a cost of $24,278,201 (Average cost: $8.95/share)
Material Changes
The filing details the execution of the "Current Stock Repurchase Program" authorized on July 28, 2015, which allows for the repurchase of up to $26,000,000 of common stock. The August 4 transaction represents the maximum number of shares permitted to be purchased on that specific day under the program rules.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of the stock repurchase activity. No unusual items or contingencies were reported in this document.
Investor Verification Checklist
- Verify the remaining balance of $23,183,537 available for future repurchases against the original $26,000,000 authorization.
- Confirm the total historical repurchase volume of 2,591,538 shares and the average cost of $8.95 per share.
- Review subsequent filings to track the pace of future repurchases under the current program.