Bogota Financial Corporation (NASDAQ:BSBK) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 238.4% to 29,034 shares as of August 14, representing 0.2% of BSBK’s outstanding shares and 2.1 days to cover.
• Institutional investors increased their involvement, led by Donald Smith & Co.’s new position valued at approximately $13.1 million; institutions collectively own 11.63% of the company.
• Bogota Financial reported quarterly EPS of $0.06, below the $0.09 analyst estimate, while revenue matched expectations at $4.50 million. The stock had a consensus “Hold” rating and recently opened at $9.23.

Bogota Financial Corporation (NASDAQ:BSBK - Get Free Report) was the recipient of a significant growth in short interest in August. As of August 14th, there was short interest totaling 29,034 shares, a growth of 238.4% from the July 30th total of 8,580 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 13,516 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Trading of Bogota Financial

Institutional investors have recently made changes to their positions in the stock. Donald Smith & CO. Inc. bought a new position in shares of Bogota Financial during the second quarter valued at about $13,054,000. Bank of America Corp DE purchased a new position in Bogota Financial during the 2nd quarter valued at $262,000. BlackRock Inc. bought a new position in Bogota Financial in the 2nd quarter worth $142,000. Vanguard Group Inc. lifted its position in shares of Bogota Financial by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 188,608 shares of the company's stock worth $1,741,000 after purchasing an additional 8,517 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Bogota Financial in the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 11.63% of the company's stock.

Bogota Financial Stock Down 0.9%

Shares of NASDAQ:BSBK opened at $9.23 on Thursday. The stock has a market capitalization of $117.77 million, a P/E ratio of 43.95 and a beta of 0.14. The stock's 50-day moving average price is $9.07 and its 200-day moving average price is $8.72. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.36. Bogota Financial has a 12-month low of $8.10 and a 12-month high of $9.55.

Bogota Financial (NASDAQ:BSBK - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). The company had revenue of $4.50 million during the quarter, compared to the consensus estimate of $4.50 million. Bogota Financial had a net margin of 6.00% and a return on equity of 1.83%.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Bogota Financial in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold".

Bogota Financial Company Profile

Bogota Financial Corp NASDAQ: BSBK is the bank holding company for Bogota Savings Bank, a New Jersey-chartered savings institution headquartered in Bogota, New Jersey. As a community-focused financial services provider, the company offers a range of deposit, lending and cash management solutions tailored to individuals, small businesses and commercial clients in Bergen County and surrounding areas.

The company's deposit portfolio includes checking and savings accounts, money market deposit accounts, certificates of deposit and individual retirement accounts.

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