Shares in Carver, Cohen soar with huge spike in trading volume

Cohen & Company

08/07/2021 18:51

** Shares in community bank Carver Bancorp  CARV.O  last up 245%
at $36.51 on Thur, halted multiple times and on track for its
biggest one-day percentage gain in a year
    ** Stock earlier gained as much as 267%
    ** With about 67 mln shares already changing hands,  Carver,
which specializes in serving African-American communities, was
showing record trading volume, surpassing June 30, 2020 when 59
mln shares changed hands and closed up 248%
    ** Carver, which reported loss per common share of $1.14 for
its fiscal year ended March 31 2021, had price/free cash flow
ratio of 16.6 on Wed compared with its historical average of
4.5x, according to DataStream
    ** CARV has 340,000 shares shorted, not enough to explain
Thur's heavy trading volume, according to S3 Partners
    ** Trading in another financial stock, Cohen & Co  COHN.A ,
which specializes in credit-related fixed income investments, 
was also halted multiple times, with volume spiking and the
stock last trading up 86.6% at $37.00. Trading volume already at
4.5 mln and on track for its busiest session since March 3
    ** In its quarter ended March 31 Cohen, formerly known as
Institutional Financial Markets, reported rev of $102.68 mln vs
$17.77 mln in year-earlier quarter, with diluted earnings per
share of $6.98 vs loss/shr of $2.70 in year-ago quarter

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))