Broadway Financial Co. (NASDAQ:BYFC) Sees Large Drop in Short Interest

Broadway Financial Co. (NASDAQ:BYFC) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 14,900 shares, a decline of 65.7% from the August 15th total of 43,400 shares. Based on an average daily volume of 12,300 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.3% of the company’s shares are sold short.

Hedge Funds Weigh In On Broadway Financial

An institutional investor recently raised its position in Broadway Financial stock. Wittenberg Investment Management Inc. raised its holdings in Broadway Financial Co. (NASDAQ:BYFC) by 46.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,128 shares of the savings and loans company’s stock after acquiring an additional 11,409 shares during the quarter. Wittenberg Investment Management Inc. owned approximately 0.39% of Broadway Financial worth $199,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 12.12% of the company’s stock.

Broadway Financial Trading Up 0.8 %

Shares of NASDAQ BYFC traded up $0.05 during trading hours on Friday, hitting $6.69. 8,143 shares of the company traded hands, compared to its average volume of 8,435. The stock has a market capitalization of $61.08 million, a price-to-earnings ratio of 22.15 and a beta of 0.73. The company has a current ratio of 1.34, a quick ratio of 0.13 and a debt-to-equity ratio of 2.33. The company’s 50 day moving average price is $5.85 and its 200 day moving average price is $5.45. Broadway Financial has a 12 month low of $4.41 and a 12 month high of $8.24.

Broadway Financial (NASDAQ:BYFC) last released its earnings results on Tuesday, July 30th. The savings and loans company reported $0.03 earnings per share for the quarter. The firm had revenue of $8.19 million for the quarter. Broadway Financial had a return on equity of 2.15% and a net margin of 4.66%.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on Broadway Financial in a research report on Thursday. They set a “sell” rating on the stock.

Broadway Financial Company Profile

Broadway Financial Corporation operates as the holding company for City First Bank, National Association that provides various banking products and services in the United States. It accepts various deposit accounts, including savings accounts, checking accounts, interest checking accounts, money market accounts, and fixed-term certificates of deposit.