Black-owned public companies did very well on June 19th or the Juneteenth holiday. It looks like investors were trying to find some ways to support black-owned businesses on this day. People are watching to see if there are any upgrades/downgrades on these stocks in the near future.
We will discuss three businesses, in particular, that stand out in the crowd. We will discuss what they do and mention some facts about their stock performance.
Broadway Financial Corp (BYFC)
Broadway Financial Corp is located in Southern California. It is in the savings and loan business. BYFC accepts numerous deposit products, such as savings accounts, checking accounts, NOW accounts, money market accounts, and fixed-term certificates of deposit. They also have loan products available, such as a multi-family mortgage, single-family mortgage, commercial real estate, church, construction, commercial, and consumer loans. BYFC was founded in 1946.
Broadway Financial’s stock was trading at $1.29 on March 11th, 2020 when the coronavirus (COVID-19) reached what the World Health Organization called a pandemic status. Since then, shares of BYFC have increased by 62.0%. BYFC is now trading at $2.09. The company’s estimated earnings date is Wednesday, August 5th, 2020 based off prior year’s report dates.
Urban One, Inc. (UONEK)
Urban One Inc. conducts operations as an urban-oriented multi-media company in the United States. Urban One operates through four areas: Radio Broadcasting, Reach Media, Digital, and Cable Television. In the radio area of the company, the broadcasting operations primarily target African-American and urban listeners. The company was formerly known as Radio One, Inc. and changed its name to Urban One, Inc. in May 2017. The company was founded in 1980. Their headquarters are based in Silver Spring, Maryland. It owns or operates 60 broadcast stations.
Earnings data for Urban One were last announced on March 20th, 2020. There is a reported ($0.18) earnings per share (EPS) for the quarter. UONEK had revenue of $105.85 million for the quarter. As of this writing, shares are selling at $2.75. Volume on June 19th, 2020 and was at 72 million shares and ran at more than 80 million shares on both Wednesday and Thursday of that week.
Carver Bancorp, Inc. (CARV)
Carver Bancorp Inc was founded in 1948 and is headquartered in New York, New York. They operate through one administrative office, nine branches, and three ATM locations. They are a holding company for Carver Federal Savings Bank. Carver Bancorp Inc. accepts various deposit products, including demand, savings, and time deposits, passbook and statement accounts, certificates of deposit, and individual retirement accounts. In addition, they also provide one-to-four family residential, multifamily real estate, and commercial real estate lending products, as well as construction, business, consumer, and other loans.
Carver Bancorp’s stock was trading at $2.14 on March 11th, 2020 when COVID-19 reached pandemic status according to the World Health Organization. Since then, CARV shares have increased by 233.6% and is now trading at $7.14. Carver jumped as much as 853%, the most on record, on volume more than 100 times the three-month daily average. In early June, Carver also saw a huge jump in trading activity on Robinhood.
Buying Black
The phrases “buying black,” along with a similar phrase, “buying back the block,” are getting a lot of the current attention following protests against police brutality toward Black people across the United States. What we see lately has evolved from established traditions in Black communities to try to invest and lift up their own people.
There are many more Black-owned businesses that are pushing forward and making a name for themselves. People are keenly aware of the services that Black-owned businesses provide. The majority of people want to support and back these businesses across America and the world.
The stock market can be a volatile vehicle and nothing is ever one hundred percent guaranteed. However, with what is happening around the country right now, Black businesses have the pulse of America and are going to keep moving ahead with great success. The stocks of these companies should keep rising. Unfortunately, when things happen, such as the COVID-19, the prices of stocks can always take a nosedive. But we can enjoy watching them grow as things return to normal.
