Bogota Financial (NASDAQ:BSBK) Rating Increased to Buy at Zacks Investment Research

Bogota Financial (NASDAQ:BSBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, reports. The firm currently has a $12.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.94% from the company’s previous close.

According to Zacks, “Bogota Financial Corp. is the holding company for Bogota Savings Bank. It offers saving accounts, checking accounts, consumer and business loans, credit and debit cards, online and mobile banking, bill payment and other financial services. Bogota Financial Corp. is based in NJ, United States. “

Separately, Piper Sandler started coverage on shares of Bogota Financial in a research report on Friday, July 9th. They set a “neutral” rating and a $11.00 price target for the company.

Shares of NASDAQ BSBK traded down $0.24 during midday trading on Tuesday, reaching $10.44. The company had a trading volume of 5,402 shares, compared to its average volume of 17,694. The stock has a market cap of $150.60 million, a PE ratio of 21.31 and a beta of 1.19. The firm’s fifty day moving average price is $10.38 and its 200-day moving average price is $10.20. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.67. Bogota Financial has a one year low of $7.50 and a one year high of $11.10.

Bogota Financial (NASDAQ:BSBK) last announced its quarterly earnings data on Monday, August 2nd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The firm had revenue of $5.31 million during the quarter, compared to analysts’ expectations of $5.40 million. Bogota Financial had a net margin of 23.80% and a return on equity of 3.61%. As a group, equities research analysts expect that Bogota Financial will post 0.43 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC bought a new position in Bogota Financial during the 2nd quarter valued at about $155,000. Renaissance Technologies LLC bought a new position in shares of Bogota Financial in the 1st quarter valued at about $188,000. Ergoteles LLC bought a new position in shares of Bogota Financial in the 2nd quarter valued at about $256,000. Millennium Management LLC bought a new position in shares of Bogota Financial in the second quarter valued at about $541,000. Finally, Panagora Asset Management Inc. boosted its stake in Bogota Financial by 5.1% in the 1st quarter. Panagora Asset Management Inc. now owns 77,725 shares of the company’s stock valued at $797,000 after purchasing an additional 3,747 shares during the period. Institutional investors and hedge funds own 11.63% of the company’s stock.

About Bogota Financial

Bogota Financial Corp. operates as the bank holding company for Bogota Savings Bank that provides banking products and services in the United States. It offers deposit accounts, including demand accounts, savings accounts, money market accounts, and certificate of deposit accounts. The company also provides one- to four-family residential real estate loans, and commercial real estate and multi-family loans, as well as consumer loans, such as home equity loans and lines of credit, commercial and industrial loans, and construction loans; and buys, sells, and holds investment securities.

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