Top 5 Publicly Traded Black Owned Businesses.
That You Need To Know About.
Black individuals have historically experienced inequality all across the board, although continue to prosper into success through hard work and dedication. Starting a successful business as a black person is extremely difficult. Before the age of the internet, there were only approximately 622k black business in the United States. After the internet bubble, that number rose to 2.58M businesses to only be shrunk down to 1.08M after 2020 COVID.
Starting a business was extremely difficult for blacks because the access to capital, cash flow and connections was very limited. Often times the ability to get capital from banks or family members wasn’t available due to systematic financial hardships. With limited cash flow, many companies weren’t able to weather COVID.
Despite these challenges, black individuals continued to prosper. Some were able to get their companies approved by the Securities and Exchange(SEC) Initial Public Offering(IPO) requirements and became a publicly traded stock.
Below are some of the top publicly traded stocks owned by black businesses:
1 Global Blood Therapeutics (GBT): This biopharmaceutical company helps transform the treatment of the rare condition of sickle cell disease (SCD). GBT medicine is the first treatment of SCD approved by the FDA. They are continuing to expand research to help the treatment of the SCD community.
Currently GBT trades at $50.81 per share of common stock and has a market cap of $3.14B.
2Ping Identity Holder (PING): Specializes in a wide range of digital and online identity protection services like Multi-factor authentication, intelligent access control and identity data management software. Their customers include 60% of the top Fortune 100 companies in Healthcare, Retailers and Banks/Financial Institutions. Including Netflix, HP, Canon, Chevron and Intuit.
Currently PING trades for $33.94 per share with a market cap of $2.75B.
3 RLJ Lodging Trust (RLJ): A Real Estate Investment Trust (REIT) that specializes in the hospitality industry. Currently they have a portfolio of over 103 hotels in over 23 states across the United States. All of there properties are currently being provided in urban communities and dense markets that provide demand from Businesses, Vacations and other travelers.
RLJ was initiated into the New York Stock Exchange (NYSE) in May 2011. Since then the company has a $2.3B Market Cap and currently being traded at around $13.94 at the time of this article.
4 Urban One (UONE & UONEK): A radio & broadcasting company whom mission is to be “the most trusted source in the African-American community that informs, entertains and inspires our audience by providing culturally relevant integrated content through our radio, television, and digital platforms.”
On May 5, 1999, Urban One became a publicly traded company. Radio One sold 7.15M shares of common stock, making Ms. Hughes, the first African-American women to head a publicly traded company.
Both stocks currently trade as penny stocks on the Nasdaq with a market cap of $143M.
5 Carver Bancorp (CARV): Carver was founded in 1948 to serve African-Americans whom had limited access to financial services. Their products provide financial assistance to residents, businesses and institutions. Today, Carver is the largest bank for African-Americans and is a Federal Savings Bank (FSB). The bank continues to help low to moderate income and their headquarters is branched in Harlem, NY.
The U.S Treasury Department has designated Carver as a Community Development Financial Institution (CDFI) due to it’s community focus banking services and dedicated economic viability and revitalization for underserved communities.
“CCDC brings the depth of a bank to high-impact projects throughout NY and NJ by delivering leveraged loans, construction management, cash management and other essential services for NMTC financed projects.
As a three-time NMTC allocate representing a combined allocation of $149 million, CCDC invests in key asset classes, including mixed-use, workforce and affordable housing, commercial retail, charter school, supermarkets and community facilities.”
Carver also encourages financial education through their Financial Management Program.
Currently their stock trades at $8.90 in the Nasdaq and a market cap of $26.74.
These companies have not only made history each in their own way, but have left an impact on so many lives and will continue to for generations more. It’s important that we continue to support black owned businesses, so more businesses can achieve as much or greater than these companies.
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