LOS ANGELES - Broadway Financial Corporation (NASDAQ: BYFC), the parent company of City First Bank (NASDAQ:FRBA), has regained compliance with Nasdaq's listing requirements. The company received a notification from Nasdaq, Inc. on May 30, 2024, confirming that the filing of its Form 10-Q for the quarter ending March 31, 2024, on May 24, 2024, satisfied the exchange's rules. With this development, the compliance issue noted by Nasdaq has been resolved, and the matter is considered closed.
Broadway Financial Corporation operates primarily through City First Bank, National Association. The bank is known for serving low-to-moderate income communities in Southern California and the Washington, D.C. area. It provides a range of financial services, including residential and commercial real estate loans, to consumers, businesses, and non-profit organizations. Additionally, City First Bank offers various deposit products such as checking, savings, and money market accounts, certificates of deposits, and retirement accounts.
The notice from Nasdaq marks the end of a period of scrutiny for Broadway Financial, ensuring its continued listing on the exchange. Nasdaq Listing Rule 5250(c)(1) requires timely filing of periodic financial reports as a condition for maintaining a listing on the exchange. Broadway Financial's adherence to this rule is essential for investor confidence and the company's ability to attract and maintain investment.
Investors and analysts looking for more information about Broadway Financial Corporation can reach out to the company's investor relations department. This announcement is based on a press release statement from Broadway Financial Corporation.
InvestingPro Insights
Broadway Financial Corporation (NASDAQ: BYFC), now back in compliance with Nasdaq's listing requirements, presents a mixed financial outlook according to InvestingPro data and analysis. While the company is trading at a low Price / Book multiple of 0.35, reflecting potential undervaluation relative to its book value, concerns arise from its -3.64% revenue decline over the last twelve months as of Q1 2024. This could indicate challenges in generating top-line growth.
Despite a challenging revenue trajectory, Broadway Financial has maintained profitability over the past year, with a P/E Ratio (Adjusted) of 16.43. This suggests that the company has been efficient in converting its revenues into net income. However, investors should note the company's quick cash burn and weak gross profit margins, which are critical factors to consider when evaluating the company's long-term financial health. With a market capitalization of $45.63 million, the corporation's financial scale and performance are key to understanding its market position.
For shareholders, it's important to recognize that Broadway Financial does not pay a dividend, which could influence investment decisions for those seeking regular income streams. Additionally, the company's stock has experienced a -28.54% year-to-date price total return, highlighting recent market volatility and the potential for further price fluctuation. Investors interested in deeper insights can explore additional InvestingPro Tips on the platform, which lists 4 more tips for Broadway Financial Corporation. To access these insights and enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.