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Tag: BYFC

  • Broadway Financial Corp. (BYFC) Stock Plummets After Falling Out of Favor with Hedge Funds

    Broadway Financial Corp. (BYFC) Stock Plummets After Falling Out of Favor with Hedge Funds

    Broadway Financial Corp. (BYFC) stock prices were down by a concerning 16.3234% shortly after market trading commenced on June 17th, 2021, bringing the price per share down to USD$2.8199 early on in the trading day.

    Merger with CFBanc Financial

    The company completed its merger with CFBanc Financial Corp., with Broadway Financial Corp. continuing on as the sole surviving entity. Immediately after the execution of the merger, Broadway Bank merged with and into City First Bank of D.C., with the latter surviving as a surviving entity which concurrently changed its name to City First Bank, National Association.

    Private Placement

    Subsequent to the merger, the company completed the sale of 18,474,000 shares of its common stock in private placements with both institutional and accredited investors. The private placements saw the generation of USD$32.9 million in gross proceeds. The combination of the merger and the completion of the private placement has seen a significant increase in the company’s total equity capitalization and growth potential, as well as facilitating increased lending to communities that report low-to-moderate incomes.

    Consolidated Net Loss

    The first quarter of the fiscal year 2021 saw the company report a consolidated net loss of USD$3.5 million, representing a consolidated net loss of USD$0.13 per share. This significant year-over-year increase in net loss is primarily driven by merger related expenses amounting to USD$5.4 million. Of this total, USD$3.4 million were severance and other compensation costs, USD$1.8 million were professional service expenses, and USD$213,000 in costs arising from insurance deals.

    Total Assets

    As of March 31st, 2021, BYFC reported total assets in the amount of USD$479.6 million, a USD$3.8 million decrease from the USD$483.4 million reported as of December 31st, 2020. This year-over-year difference is largely attributable to decreases in cash and cash equivalents, amounting to USD$8 million, and investment securities available-for-sale of USD$675,000. These developments were offset by increases in loans receivable held for investment of USD$2.4 million, deferred tax assets of USD$1.5 million, and USD$1.2 million of other assets.

    Future Outlook for BYFC

    Armed with a solid liquidity position, BYFC is poised to return to its trajectory of success. The company is keen to reverse recent downwards trends in its equity value with the effective allocation of resources. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Early Morning Vibes: 4 Stocks We Like for Tuesday Trading

    Early Morning Vibes: 4 Stocks We Like for Tuesday Trading

    Major US stock indices fell 1.3-1.5% on the first day of trading in 2021.

    The broad market S&P 500 index fell 1.48% to 3700.65 points, the industrial Dow Jones Industrial Average fell 1.25% to 30223.89 points, and the technological NASDAQ dropped 1.47% 12698.45 points.
     

    Despite the general optimistic sentiment of investors regarding the recovery of the global economy after the coronavirus pandemic, the indices declined.

    At the start of the new year, investors focused on the same issue that has dominated the markets for much of 2020: the coronavirus pandemic. Many expect economic activity to accelerate later this year as communities are vaccinated, and organizations reopened. At the same time, there is an understanding that the path to economic recovery will be long and uneven.

    Recent news on the coronavirus situation paints a bleak picture. In the United States, the number of hospitalizations on Sunday reached a record high. In several countries in Europe, governments are extending quarantine restrictions designed to slow the spread of infection.

    The difficulty in dealing with the pandemic means that many companies will be vulnerable to financial risks in the short term.

    The experts noted growing nervousness over the results of the second round of elections to the U.S. Senate in Georgia. The outcome of the vote will determine whether the Republicans will retain control of the Senate. According to investors in prediction markets, the likelihood of a GOP victory has diminished in the past few days, potentially signaling a tense battle for Senate seats.

    Corporate Highlights

    Coca-Cola shares lost 3.8%. RBC Capital Markets has downgraded their rating from “above sector” to “par with the sector.” The bank’s analysts believe that the pandemic will continue to restrict public events and consumer access to restaurants, negatively affecting demand for Coca-Cola products.

    Airline stocks, which were also seriously affected by the coronavirus, also declined on Monday. In particular, American Airlines shares fell 4.1%, while Delta Air Lines shares fell 3.7%.

    Hotel chain shares were also down, with Hilton Worldwide Holdings down 3.4%, while Marriott International shed 5.4%.

    Tesla, meanwhile, gained 3.4%. The electric vehicle maker said it delivered a record 499,550 vehicles last year, just slightly below its target of 500,000.

    Amid a massive sell-off in shares, gold prices jumped 2.7% to $ 1,944.70 per troy ounce, the most significant percentage gain since April. Precious metal quotes usually receive support when market volatility increases.

    An additional source of joy in the market was the latest data on the manufacturing sector’s state. According to surveys of purchasing managers, factories in Asia and Europe increased their output at the end of the year. In December, there was a substantial rise in activity.

    Today Top Movers

    ‎Jaguar Health Inc (JAGX) share price ascended 30.90% to $2.33 during early morning ‎trading session on Tuesday.‎ ‎

    Zosano Pharma Corp (ZSAN), a Biotechnology company, increased about 78.60% ‎at ‎‎$1.04 in pre-market trading Tuesday after declaring that the company requested a Type A meeting with the U.S. Food and Drug Administration (FDA) to review resubmission plans for Qtrypta new drug application. ‎

    Naked Brand Group Ltd (NAKD) stock surged 14.83% at $0.25 in the pre-market trading today.

    Broadway Fin Cp (BYFC) jumped over 46.88% at $2.82 in pre-market ‎trading on Tuesday after the company and CFBanc Corporation revealed receipt of regulatory approvals for the merger.

    Top Upgrades & Downgrades


    Needham turned bullish on Merit Medical Systems Inc. (MMSI), upgrading the stock to “Buy” and assigning a $65.0 price target, representing potential upside of 18.69% from Monday’s close.
     

    DocuSign Inc. (DOCU) has won the favor of Piper Sandler’s equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $300.
     

    Cadence Design Systems Inc. (CDNS) received an upgrade from analysts at KeyBanc, who also set their one-year price target on the stock to $155.0. They changed their rating on CDNS to Overweight from Sector Weight in a recently issued research note.
     

    Earlier Sunday Piper Sandler reduced its rating on Fortinet Inc. (FTNT) stock to Neutral from Overweight.
     

    Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Rapid7 Inc. (RPD) has been changed to Neutral from Overweight and the new price target is set at $95.
     

    Analysts at Piper Sandler downgraded Okta Inc. (OKTA)’s stock to Neutral from Overweight on Tuesday.

    Latest Insider Activity

    ReneSola Ltd (SOL) CFO SHAH CAPITAL MANAGEMENT announced the sale of shares taking place on Dec 31 at $11.90 for some 26,000 shares. The total came to more than $0.31 million.
     

    ACM Research Inc. (ACMR) Wang Jian sold on Dec 30 a total 84,386 shares at $78.00 on average. The insider’s sale generated proceeds of almost $2.53 million.
     

    Hall of Fame Resort & Entertainment Company (HOFV) Director Lichter Stuart declared the purchase of shares taking place on Dec 29 at $1.40 for some 10,813,774 shares. The transaction amount was around $15.14 million.
     

    Beyond Air Inc. (XAIR) CEO, Chairman Lisi Steven A. bought on Dec 31 a total 929 shares at $5.28 on average. The purchase cost the insider an estimated $203,280.

    Important Earnings

    Top US earnings releases scheduled for today include Cal-Maine Foods Inc. (NASDAQ:CALM). It will announce its Nov 2020 financial results. The company is expected to report earnings of -$0.08 per share from revenues of $333.49M in the three-month period.

  • 12 Trending Stocks In Banking Industry That Need Your Attention

    The banking industry is in a period of transition and is continuously adopting digitization and new emerging technologies. Technologies such as artificial intelligence and machine learning have recently been adopted by the industry to cope up with the uncertainties brought by the COVID-19. The main focus of the banking industry is the customer and banks try to provide a frictionless experience to its customers.

    There are various trends in the banking industry that are continuously followed by the leading companies of the industry. The trends include the omnichannel strategy for the customer, digital onboarding, artificial-driven decision banking, and innovation through fintech collaboration. These are the few trends that are followed by the banking industry to compete in the fast-growing market.

    Here are the 12 leading companies in the bank regional industry that need your attention:

    Itau Unibanco Holding S.A. (NYSE: ITUB)

    Itau Unibanco Holding S.A. (NYSE: ITUB) shares were trading up 7.02% at $4.27 at the time of writing on Thursday. Itau Unibanco Holding S.A. (NYSE: ITUB) share price went from a low point around $3.47 to briefly over $9.23 in the past 52 weeks, though shares have since pulled back to $4.27. ITUB market cap has remained high, hitting $40.98B at the time of writing, giving it a price-to-sales ratio of more than 1.

    Brazil’s largest lender Itau Unibanco Holding SA has earlier laid off at least 130 employees in its car loan unit. If we look at the recent analyst rating ITUB, Goldman downgraded coverage on ITUB shares with a Neutral rating and a $6.40 price target, which implies room for 2.13% upside momentum this year.

    Banco Bradesco S.A. (NYSE: BBD)

    Banco Bradesco S.A. (NYSE: BBD) last closed at $3.68, in a 52-week range of $2.67 to $8.38. Banco Bradesco S.A. (BBD) has earlier revealed that it has laid off about 70 employees, ending a pledge not to cut jobs during the coronavirus pandemic, a union representing bank employees revealed earlier. This company market capitalization has remained high, hitting $32.51 billion.

    Regions Financial Corporation (NYSE: RF)

    Regions Financial Corporation (NYSE: RF) shares headed rising, higher as much as 2.60%. The most recent rating by Odeon, on September 15, 2020, is at a Buy. Regions Financial Corporation (RF) will participate in the BancAnalysts Association of Boston Conference on Thursday, Nov. 5, 2020. This company market capitalization has remained high, hitting $12.08 billion.

    KeyCorp (NYSE: KEY)

    KeyCorp (NYSE: KEY) last closed at $13.31, in a 52-week range of $7.45 to $20.52. KeyBank Rises to 7th Among Nation’s Top Banks For SBA 7(a) Lending. Analysts have a consensus price target of $13.81. KeyCorp (KEY) KeyBank now ranks 7th nationally among suppliers of 7(a) loans for the SBA’s FY 2020. KeyBank secured $316 million in approved 7(a) dollars over the course of the year.

    Huntington Bancshares Incorporated (NASDAQ: HBAN)

    Huntington Bancshares Incorporated (NASDAQ: HBAN) last closed at $10.03, in a 52-week range of $6.82 to $15.63. Huntington Bank Takes Top Spot Nationally For SBA 7(a) Loan Origination By Volume For Third Consecutive Year. Analysts have a consensus price target of $10.71. Huntington Bancshares Incorporated (HBAN) has a market capitalization of 10.01 billion at the time of writing.

    First Horizon National Corporation (NYSE: FHN)

    First Horizon National Corporation (NYSE: FHN) rose 1.78% after gaining more than $0.19 on Thursday. First Horizon National Corporation (FHN) will announce third-quarter financial results in a news release, financial supplement, and slide presentation, before the market opening on October 23, 2020.

    Carver Bancorp Inc. (NASDAQ: CARV)

    Carver Bancorp Inc. (NASDAQ: CARV) stock soar by 14.26% to $7.53. Carver Bancorp Inc. (CARV) share price went from a low point around $1.25 to briefly over $22.97 in the past 52 weeks. It has moved up 457.60% from its 52-weeks low and moved down -69.66% from its 52-weeks low. This company market capitalization has remained high, hitting $21.23 million at the time of writing.

    ICICI Bank Limited (NYSE: IBN)

    ICICI Bank Limited (NYSE: IBN) rose 1.69% after gaining more than $0.18 on Thursday. ICICI Bank Limited (IBN) share price went from a low point around $6.86 to briefly over $15.42 in the past 52 weeks, though shares have since pulled back to $11.01. IBN market cap has remained high, hitting $36.54 billion at the time of writing.

    U.S. Bancorp (NYSE: USB)

    U.S. Bancorp (NYSE: USB) stock soar by 1.83% to $39.50. The most recent rating by BofA Securities, on October 07, 2020, is at a Neutral. U.S. Bancorp (USB) share price went from a low point around $28.36 to briefly over $61.11 in the past 52 weeks, though shares have since pulled back to $39.50. USB market cap has remained high, hitting $58.26 billion at the time of writing.

    Lloyds Banking Group plc (NYSE: LYG)

    Lloyds Banking Group plc (NYSE: LYG) shares headed rising, higher as much as 2.88%. The most recent rating by Credit Suisse, on July 23, 2020, is at an Outperform. Lloyds Banking Group plc (LYG) stock has fluctuated between the 52-weeks low and high range of $1.17 and $3.58, respectively. It has moved up 20.94% from its 52-weeks low and moved down -60.47% from its 52-weeks low. This company market capitalization has remained high, hitting $25.70 billion at the time of writing.

    Broadway Financial Corporation (BYFC)

    Broadway Financial Corporation (BYFC) stock soar by 3.87% to $1.88. Broadway Financial Corporation (BYFC) share price went from a low point around $ 1.04 to briefly over $7.23 in the past 52 weeks, though shares have since pulled back to $1.88. It has moved up 73.49% from its 52-weeks low and moved down -75.04% from its 52-weeks low.  BYFC market cap has remained high, hitting $36.92 Million at the time of writing.

    Truist Financial Corporation (NYSE: TFC)

    Truist Financial Corporation (NYSE: TFC) shares headed rising, higher as much as 2.45%. The most recent rating by Wolfe Research, on July 31, 2020, is at an Outperform. Truist Financial Corporation (TFC) has moved up 77.93% from its 52-weeks low and moved down -24.95% from its 52-weeks low. This company market capitalization has remained high, hitting $56.24 billion.