Broadway Financial (NASDAQ:BYFC) Stock, Quote.Headers.trade-ideas

Broadway Financial

Broadway Financial Corp is active in the financial services domain. It is a savings and loan holding company in the United States. The Bank's business consists of deposits from the general public and using such deposits, together with borrowings and other funds, to make mortgage loans secured by residential properties and commercial real estate. Its deposits consist of passbook savings accounts, checking accounts, and negotiable order of withdrawal accounts, money market accounts and fixed-term certificates of deposit. The revenue is derived from interest income on loans and investments.

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The Dow Jones closed lower on Monday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

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Broadway Financial Corporation - Class A Common Stock

Broadway Financial Corp

Broadway Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>) reported quarterly earnings of $0.03 per share. This is unchanged from the same period last year.

Broadway Financial Q2 EPS $0.03, Same YoY

Broadway Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>) reported quarterly losses of $(0.02) per share. This is a 111.76 percent decrease over earnings of $0.17 per share from the same period last year. The company reported $7.83 million in sales this quarter. This is a 8.56 percent decrease over sales of $8.56 million the same period last year.

Broadway Financial Q1 EPS $(0.02) Down From $0.17 YoY, Sales $7.83M Down From $8.56M YoY

Broadway Financial Corporation ("Broadway," "we", or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>), parent company of City First Bank, National Association, announced today it received a letter from Nasdaq, Inc., dated May 30, 2024, informing the Company that it had regained compliance with Nasdaq Listing Rule 5250(c)(1) with respect to the Form 10-Q for the period ended March 31, 2024 based on the Company's filing on May 24, 2024. The letter noted that the matter is now closed.

Broadway Financial Receives Compliance Letter From Nasdaq

Broadway Financial Says Filed Form 10-Q For Q3 Of 2023 And Form 10-K For 2023 On May 20 And Filed Form 10-Q For Q1 Of 2024 On May 24

Under Nasdaq&#39;s Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter.&nbsp;
On May 24, 2024, the Company filed the Form 10-Q for the period ended March 31, 2024.

Broadway Financial Receives Letter From Nasdaq That It No Longer Complies With Listing Rule Regarding Late Filing Of Form 10-Q

These appointments were made, and became effective, as of May 15, 2024. All of these new executives will be based in Washington, D.C. As previously announced, Brenda J. Battey, Executive Vice President and Chief Financial Officer will retire by the end of the&nbsp;second quarter.

Management

Broadway Financial Names Zack Ibrahim As Executive Vice President And CFO

Broadway Financial Reveals Notification From Nasdaq Regarding Late Filing Of Form 10-Q And Form 10-K

Broadway Financial Reveals Receipt Of Notice From Nasdaq Regarding Filing Requirement For Form 10-K

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Shares of broader financial stocks are trading higher amid overall market strength after the Fed left rates unchanged and most Fed officials expect rate cuts in 2024-2026.

Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the "Form 10-Q").
Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway's plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days from the original due date of the Form 10-Q.
Separately, on November 15, 2023, the Company received a letter from Nasdaq confirming that Broadway had regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2) for maintaining its listing on The Nasdaq Capital Market.
Additional information about the notification letter from Nasdaq, dated November 16, 2023, can be found in the Company's Form 8-K filed with the SEC on November 22, 2023, which is available free of charge at the SEC's website, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53861633&amp;newsitemid=20231121431121&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=01b05f13e4f2617726a9f1096d1dd232">www.sec.gov</a>.

Broadway Financial Corporation Announces Notification From Nasdaq Regarding Delinquent Form 10-Q

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Shares of broader financial stocks are trading higher amid overall market strength after October CPI data showed softer-than-expected inflation.

Broadway Financial Corporation ("Broadway" or the "Company") (Nasdaq Capital Market: "BYFC"), parent company of City First Bank, National Association, today reported that Broadway recently purchased 1,958,173 shares of the Company's Class A (voting) Common Stock from the Federal Deposit Insurance Corporation (the "FDIC"), which obtained the shares when it was appointed receiver for First Republic Bank upon its closure earlier this year. The purchased shares represented just under 4.0% of the Company's total voting shares prior to the purchase, and over 2.6% of the Company's total common equity. Broadway purchased the shares at a price of $0.9095 per share, which represented the 20-day volume weighted average price for the Class A shares over the period ended October 24, 2023.
The nonvoting shares of Class C Common Stock that were held by First Republic Bank were previously purchased by a major money-center financial institution earlier this year. As a result of these sales, the FDIC does not own any shares of Broadway. The Company's purchase was financed from cash on hand, and the shares will be retired by the Company.
Chief Executive Officer Brian Argrett commented, "I am pleased to announce this repurchase, which eliminates uncertainty regarding the ultimate disposition of the shares that were previously held by First Republic Bank. The shares represented the fifth largest voting position in Broadway and the purchase is an important step in solidifying our long-term base of stockholders, comprised primarily of private institutions, non-profits, and individuals that are committed to supporting our mission. We remain focused on providing best-of-class products and services to the low-to-moderate income communities that we serve and have the equity capital necessary to execute our plans and fulfill our mission."
"Finally, I wish to thank the staff of the FDIC for their professionalism and continuing support of Broadway, including in connection with the repurchase that we are announcing today."
After considering the Company's purchase of these shares of Class A Common Stock, the number of outstanding voting shares of Class A Common Stock decreased to 47,368,368 shares and the total number of outstanding shares of Common Stock decreased to 72,153,502 shares, before considering Broadway's reverse stock split, expected to be effective November 1, 2023. Pro forma for the reverse stock split (and the Company's purchase of shares from the FDIC), the number of outstanding voting shares of Class A Common Stock will be 5,921,046 shares and the total number of outstanding shares of Common Stock will be 9,019,187 shares.

Buybacks

Broadway Financial Corporation Announces Repurchase of Shares;  Recently Purchased 1,958,173 Shares Of The Company's Class A Common Stock From The FDIC

Broadway Financial Corporation ("Broadway," "we," or the "Company") (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association, announced today the terms of the Company's previously disclosed reverse stock split (the "Reverse Split").
Authorization for the Reverse Split was approved by stockholders at Broadway's Annual Meeting on June 21, 2023. On September 20, 2023, the Board of Directors selected a Reverse Split ratio of 1-for-8 shares (the "Split Ratio") pursuant to the authorization approved by stockholders. The Reverse Split will be effective at 12:01 a.m. Eastern Time on November 1, 2023 for all outstanding shares of Broadway's three classes of common stock: Class A common stock, Class B common stock, and Class C common stock. The Company's Class A common stock will continue to trade under the symbol "BYFC" and is expected to begin trading on the Nasdaq Capital Market on a split-adjusted basis on November 1, 2023.
The Class B common stock and Class C common stock are not registered for trading and will not be registered after the effective time for the Reverse Split. The new shares of Class B and Class C common stock will be issued with the same restrictive legends that existed on the old shares of Class B and Class C common stock, and will remain nonvoting shares.
As a result of the Reverse Split, every eight shares of the Company's issued and outstanding common stock will be automatically reclassified into one new share of common stock, which will remain fully paid and non-assessable. The Reverse Split will not modify any rights or preferences of any of Broadway's common stock, and will be applied uniformly and equally to stockholders, such that the percentage ownership interests in the Company's equity will not change, except to the extent that the Reverse Split results in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Split, and in lieu thereof, stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment based on the closing trading price per share of the Class A common stock on the Nasdaq Capital Market on October 31, 2023, the trading day immediately preceding the effective time of the Reverse Split, as adjusted for the Split Ratio.
The Reverse Split will not change the number of authorized shares of each class of common stock, or the par value of the common stock. The Company's outstanding Non-Cumulative Redeemable Perpetual Preferred stock, Series C, will not be adjusted for the Reverse Split. The Company will proportionally adjust the exercise prices and the number of shares underlying the Company's outstanding equity awards, as well as the number of shares issued and issuable under Broadway's equity incentive plan.
The Reverse Split is intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. Broadway received a written notice from Nasdaq of its failure to comply on September 25, 2023.
Following the effectiveness of the Reverse Split the new CUSIP number for the Class A common stock will be 111444709, the new CUSIP number for the Class B common stock will be 111444808, and the new CUSIP number for the Class C common stock will be 111444881. Immediately following the Reverse Split there will be approximately 9,019,187 shares of common stock outstanding, comprised of 5,921,046 shares of Class A common stock, 1,425,577 shares of Class B common stock and 1,672,564 shares of Class C common stock.
Broadway has appointed its transfer agent, Computershare Inc., to act as exchange agent for the Reverse Split. Stockholders owning pre-split shares via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the Reverse Split and will not be required to take further action in connection with the Reverse Split, subject to the nominees' particular procedures and policies. Similarly, registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are also not required to take further action in connection with the Reverse Split. Holders of certificated shares will be contacted by the Company or its exchange agent with further details about how to surrender old certificates in exchange for new shares.
Additional information about the Reverse Split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on May 1, 2023 and the Company's Form 8-K filed with the SEC on September 29, 2023, both of which are available free of charge at the SEC's website, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53714842&amp;newsitemid=20231031195852&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=7d61256b353efcb8aeef16e6598764b8">www.sec.gov</a>, and on the Company's website at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cityfirstbank.com%2F&amp;esheet=53714842&amp;newsitemid=20231031195852&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.cityfirstbank.com%2F&amp;index=2&amp;md5=68d68d324a93f9eac9cc4b8e489b776a">http://www.cityfirstbank.com/</a>.

Stock Split

Broadway Financial Corporation Announces Terms Of 1-For-8 Reverse Stock Split

Broadway Financial Says On Sept 25, Received Written Notice From NASDAQ Notifying Co That It Is Not In Compliance With Minimum Bid Price Requirements

Broadway Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>) reported quarterly earnings of $0.00 per share. This is a 96.67 percent decrease over earnings of $0.03 per share from the same period last year. The company reported $7.53 million in sales this quarter. This is a 9.27 percent decrease over sales of $8.30 million the same period last year.

Broadway Financial Q2 EPS $0.00 Down From $0.03 YoY, Sales $7.53M Down From $8.30M YoY

Broadway Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>) reported quarterly earnings of $0.02 per share. This is a 100 percent increase over earnings of $0.01 per share from the same period last year.

Broadway Financial Q1 EPS $0.02 Up From $0.01 YoY

Broadway Financial Corporation President, CEO Brian E. Argrett To Add Board Chair Role

The Dow Jones closed lower on Monday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Paramount Group </h3>
<ul>
<li>The Trade: Paramount Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgre#NYSE">PGRE</a>) Director Thomas Armbrust <a href="https://www.benzinga.com/quote/FIS/analyst-ratings"> acquired a total of 20,000 shares </a> an average price of $4.85. To acquire these shares, it cost around $97 thousand.</li>
<li>What&rsquo;s Happening: Paramount Group reported a rise in quarterly earnings.</li>
<li>What Paramount Group Does: Paramount Group Inc is a real estate investment trust engaged in owning, operating, managing, acquiring, and redeveloping high-quality, Class A office properties in select central business district (&quot;CBD&quot;) submarkets of New York City and San Francisco.</li>
</ul>
<h3>Castellum </h3>
<ul>
<li>The Trade: Castellum, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ctm#NYSE">CTM</a>) 10% owner Jay Wright <a href="https://www.benzinga.com/quote/SOND/analyst-ratings"> acquired a total 10,600 shares </a> at an average price of $1.04. The insider spent around $11.04 thousand to buy those shares.</li>
<li>What&rsquo;s Happening: Castellum recently reported a $500,000 equity financing.</li>
<li>What Castellum Does: Castellum Inc, formerly BioNovelus Inc is engaged in acquiring and growing technology companies in the areas of information technology and cybersecurity with businesses in the public (government) and private (commercial) markets.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/23/03/31334421/lennar-caleres-and-3-stocks-to-watch-heading-into-tuesday"> Lennar, Caleres And 3 Stocks To Watch Heading Into Tuesday </a>
<h3>TFF Pharmaceuticals</h3>
<ul>
<li>The Trade: TFF Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tffp#NASDAQ">TFFP</a>) President and CEO Harlan F Weisman <a href="https://www.benzinga.com/sec/insider-trades/"> acquired a total of 150,000 shares </a> at an average price of $0.88. To acquire these shares, it cost around $131.84 thousand.</li>
<li>What&rsquo;s Happening: TFF Pharmaceuticals posted a 2022 net loss of $31.8 million, versus a net loss of $31.0 million in 2021.</li>
<li>What TFF Pharmaceuticals Does: TFF Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing drug products based on its patented Thin Film Freezing, or TFF, technology platform.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Broadway Financial </h3>
<ul>
<li>The Trade: Broadway Financial Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/byfc#NASDAQ">BYFC</a>) Director William Longbrake <a href="https://www.benzinga.com/sec/insider-trades/"> acquired a total of 7,500 shares </a> at an average price of $1.18. The insider spent $8.85 thousand to buy those shares.</li>
<li>What&rsquo;s Happening: Broadway Financial posted a profir for the fourth quarter.</li>
<li>What Broadway Financial Does: Broadway Financial Corp is active in the financial services domain. It is a savings and loan holding company in the United States.</li>
</ul>

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Shares of several companies in the broader financials space are trading higher as part of what appears to be a relief rally in the sector as several bank names bounce back after facing heavy selling pressure over the last few trading sessions.

<h3>Gainers</h3>
<ul>
<li>MoneyLion (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ML#NYSE">ML</a>) stock increased by 21.1% to $0.69 during Monday's after-market session. The market value of their outstanding shares is at $174.9 million. </li>
<li>First Republic Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRC#NYSE">FRC</a>) shares moved upwards by 9.74% to $34.25. Today's trading volume for this security ended up closing at 21.2 million shares, which is 832.3 percent of its average volume over the last 100 days. The market value of their outstanding shares is at $6.3 billion. </li>
<li>PacWest Banc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACW#NASDAQ">PACW</a>) shares moved upwards by 9.74% to $10.7. PacWest Banc's trading volume hit 7.1 million shares by close, accounting for 329.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $1.2 billion. </li>
<li>PacWest Bancorp - Depositary Shares Each Representing a 1/40th Interest in a Share of 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACWP#NASDAQ">PACWP</a>) stock rose 8.96% to $9.48. This security traded at a volume of 496.5K shares come close, making up 1296.3% of its average volume over the last 100 days. </li>
<li>Trinity Cap (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIN#NASDAQ">TRIN</a>) stock increased by 8.57% to $12.58. The market value of their outstanding shares is at $439.4 million. </li>
<li>ConnectOne Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNOBP#NASDAQ">CNOBP</a>) shares moved upwards by 7.5% to $16.34. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) stock declined by 5.0% to $19.0 during Monday's after-market session. The market value of their outstanding shares is at $356.3 million. </li>
<li>Oscar Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSCR#NYSE">OSCR</a>) stock fell 4.11% to $3.74. The company's market cap stands at $808.9 million. </li>
<li>Broadway Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYFC#NASDAQ">BYFC</a>) stock declined by 4.01% to $0.96. At the close, Broadway Financial's trading volume reached 103.1K shares. This is 89.5% of its average volume over the last 100 days. The company's market cap stands at $73.2 million. </li>
<li>Customers Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBI#NYSE">CUBI</a>) shares declined by 3.16% to $16.87. Today's trading volume for this security ended up closing at 84.8K shares, which is 16.1 percent of its average volume over the last 100 days. The market value of their outstanding shares is at $533.1 million. </li>
<li>Future FinTech Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTFT#NASDAQ">FTFT</a>) shares fell 3.08% to $1.26. The company's market cap stands at $18.4 million. </li>
<li>BNY Mellon Strategic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEO#NYSE">LEO</a>) shares declined by 3.03% to $6.1. The company's market cap stands at $379.9 million. 
See Also: <a href="http://www.benzinga.com/money/best-financial-services-stocks/" title="www.benzinga.com/money/best-financial-services-stocks/">www.benzinga.com/money/best-financial-services-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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PacWest Bancorp - Depositary Shares Each Representing a 1/40th Interest in a Share of 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

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12 Financials Stocks Moving In Monday's After-Market Session

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Broadway Financial

Broadway Financial (BYFC) Forecast

Broadway Financial (NASDAQ:BYFC) Stock, Quote.Headers.trade-ideas