Howard Bancorp (HBMD) Raised 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 note issued to investors on Tuesday.

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. “

HBMD has been the subject of a number of other reports. ValuEngine cut Howard Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. BidaskClub upgraded Howard Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Raymond James cut Howard Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. Finally, Stephens restated a “buy” rating and issued a $18.00 price objective on shares of Howard Bancorp in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $21.25.



Howard Bancorp stock opened at $15.91 on Tuesday. The company has a market capitalization of $295.25 million, a PE ratio of 20.14 and a beta of -0.10. Howard Bancorp has a 12 month low of $13.73 and a 12 month high of $24.20. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.01 and a quick ratio of 0.98.

Howard Bancorp (NASDAQ:HBMD) last posted its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.03). The business had revenue of $22.50 million during the quarter, compared to analysts’ expectations of $22.36 million. Howard Bancorp had a negative net margin of 2.37% and a positive return on equity of 4.10%. As a group, equities analysts predict that Howard Bancorp will post 0.66 EPS for the current fiscal year.

In other news, Director John J. Keenan purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was purchased at an average cost of $16.66 per share, for a total transaction of $33,320.00. Following the completion of the transaction, the director now owns 9,645 shares of the company’s stock, valued at $160,685.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Robert D. Jr. Kunisch purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were purchased at an average price of $17.16 per share, with a total value of $85,800.00. The disclosure for this purchase can be found here. Insiders have purchased 13,453 shares of company stock valued at $232,156 over the last quarter. 23.15% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of HBMD. MetLife Investment Advisors LLC purchased a new stake in shares of Howard Bancorp during the second quarter worth approximately $123,000. Rhumbline Advisers purchased a new stake in shares of Howard Bancorp during the second quarter worth approximately $221,000. PNC Financial Services Group Inc. increased its position in shares of Howard Bancorp by 122.0% during the second quarter. PNC Financial Services Group Inc. now owns 18,200 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 10,000 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Howard Bancorp by 60.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 24,400 shares of the financial services provider’s stock worth $440,000 after purchasing an additional 9,200 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Howard Bancorp during the second quarter worth approximately $661,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

About Howard Bancorp

Howard Bancorp, Inc operates as the bank holding company for Howard Bank that commercial banking, mortgage banking, and consumer finance products and services to businesses, business owners, professionals, and other consumers. The company offers various consumer and business deposit products, including demand deposits, money market accounts, savings accounts, individual retirement accounts, and commercial and retail checking accounts, as well as certificates of deposit.

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