Howard Bancorp (HBMD) Upgraded to Hold at Zacks Investment Research

Howard Bancorp (NASDAQ:HBMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, December 26th.

According to Zacks, “Howard Bancorp, Inc., headquartered in Ellicott City, Maryland, operates as a holding company for Howard Bank that provides a range of commercial and retail banking services in Maryland. It offers various deposits products, such as community business, business relationship, business solutions, super, howard relationship, and howard maximum checking accounts; individual retirement accounts; business, junior, and personal savings accounts; anniversary, incentive, and business money market accounts; and certificates of deposits. The company’s loan portfolio comprises commercial construction, commercial real estate, home equity, and consumer installment loans; and commercial and unsecured lines of credit. Howard Bancorp also provides business and personal online banking and Web BillPay services, ATM cards, business credit cards, and cash management, lockbox processing, and wire transfers services. “

Separately, Raymond James Financial reissued an “outperform” rating and issued a $23.00 price target (up previously from $22.00) on shares of Howard Bancorp in a research report on Friday, October 20th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Howard Bancorp currently has an average rating of “Buy” and an average target price of $23.00.

Shares of Howard Bancorp (NASDAQ:HBMD) opened at $22.95 on Tuesday. The stock has a market cap of $225.25, a P/E ratio of 32.79 and a beta of 0.19. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 0.05. Howard Bancorp has a 1-year low of $15.00 and a 1-year high of $24.20.

Howard Bancorp (NASDAQ:HBMD) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.06). Howard Bancorp had a return on equity of 5.33% and a net margin of 10.57%. The firm had revenue of $14.86 million for the quarter, compared to analyst estimates of $15.20 million. research analysts forecast that Howard Bancorp will post 0.8 earnings per share for the current fiscal year.

In related news, Director Robert J. Hartson sold 7,500 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $23.15, for a total value of $173,625.00. Following the completion of the sale, the director now directly owns 159,276 shares of the company’s stock, valued at $3,687,239.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 10.59% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of HBMD. State Street Corp acquired a new position in Howard Bancorp in the second quarter valued at $1,735,000. Northern Trust Corp acquired a new position in Howard Bancorp in the second quarter valued at $1,566,000. Vanguard Group Inc. increased its stake in shares of Howard Bancorp by 124.2% during the second quarter. Vanguard Group Inc. now owns 101,078 shares of the financial services provider’s stock worth $1,946,000 after acquiring an additional 56,004 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Howard Bancorp during the third quarter worth about $1,133,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Howard Bancorp during the third quarter worth about $905,000. Institutional investors own 64.56% of the company’s stock.

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About Howard Bancorp

Howard Bancorp, Inc is the bank holding company of Howard Bank. The Company’s primary business is to own all of the capital stock of Howard Bank. The Company operates through Community Banking segment. Howard Bank is a trust company, which has approximately four operating subsidiaries. The Company offers a range of services to its customers, including wire transfer services, automated teller machine (ATM) and check cards, ATMs at all of its service branch locations, safe deposit boxes at all service locations and credit cards through a third-party processor.

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