3 Black-Owned Companies To Watch

With a vote of 415-14, the U.S. House of Representatives voted to make Juneteenth National Independence Day a federal holiday, and President Joe Biden signed it into law on June 17, 2021. This is the first new federal holiday since Martin Luther King Jr. Day was named in 1983.

As Benzinga's Phil Hall wrote this week, Juneteenth is an observance of the events of June 19, 1865, in Galveston, Texas, when the last Black slaves of the Confederacy were ordered freed following the arrival of Union troops.

Here is a look at three stocks to watch ahead of the holiday.

Related Link: What Is Juneteenth And How Did It Become The 11th US Federal Holiday?

Urban One: Focused on urban-oriented content for television, radio and digital media, Urban One Inc UONE is one of the most well-known companies targeting Black people. Urban One reaches 82% of Black people in the U.S. with the largest local urban radio network, the largest syndicator of urban programming and the largest Black-owned television network.

TV One reaches 59 million households, according to the company.

Urban One had revenue of $91.4 million in the first quarter, down 3.6% year-over-year. The decline came as there was a lack of political-related advertising spending in the first quarter.

Shares of Urban One have traded between $3.23 and $54.16 over the last 52 weeks.

Related Link: Why Shares Of Urban One Are Trading Higher Today 

Carver Bancorp: Founded in 1948 to serve Black communities, Carver Bancorp Inc CARV is one of several financial institutions that could benefit from the call for federal support for companies specializing in this demographic. The company offers banking services for consumers and businesses and also originates mortgage loans.

Carver has headquarters in Harlem and says most of its branches and ATM centers are in low- to moderate-income neighborhoods.

In February, Carver received a $6 million investment from JPMorgan Chase & Co. JPM for common and preferred shares. JPMorgan now owns around 3.4% of the company.

Shares of Carver have traded between $5.15 and 19.21 over the last 52 weeks.

Broadway Financial Corporation: California-based Broadway Financial Corp BYFC operates City First Bank, one of the largest community-oriented savings banks in South California that severs low- to medium-income communities.

The company has decades of history serving low-income communities and in April became the largest Black-led minority depository institution in the U.S. with the merger of Broadway Federal Bank and City First Bank.

Broadway Financial offers banking services and also affordable housing with several real estate loan products.

Shares of Broadway Financial have traded between $1.30 and $7.23 over the last 52 weeks.

(Photo: Urban One YouTube)