Stock Alert: Broadway Financial Touches New 52-week High

Shares of Broadway Financial Corporation (BYFC) are rising more than 38 percent or $0.55 in Wednesday's morning trade at $1.99, after touching a new 52-week high of $2.32 earlier.

Los Angeles, California-based Broadway Financial operates as the holding company for Broadway Federal Bank.

In a regulatory filing, Broadway Financial said Tuesday that activist investor Commerce Home Mortgage, LLC intends to nominate a director to Broadway's board at the annual meeting to be held on June 24, 2020. Commerce Home intends to solicit stockholder votes for its candidate in opposition to the two currently serving directors that have been nominated for re-election to the board.

However, Broadway Financial said since Commerce was not a shareholder as on May 1, the record date and hence, the nomination will be void.

The stock has traded in a range of $1.04 to $2.32 in the past 52 weeks.

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