Howard Bancorp (HBMD) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Howard Bancorp (NASDAQ:HBMD) from a sell rating to a hold rating in a report published 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. “

Separately, Raymond James Financial reiterated an outperform rating and issued a $23.00 price target (up previously from $22.00) on shares of Howard Bancorp in a report on Friday, October 20th. One analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $21.33.

Howard Bancorp (NASDAQ:HBMD) opened at $21.35 on Tuesday. The firm has a market cap of $218.87, a price-to-earnings ratio of 30.94 and a beta of -0.07. Howard Bancorp has a 1-year low of $14.75 and a 1-year high of $24.20. The company has a quick ratio of 0.95, a current ratio of 1.00 and a debt-to-equity ratio of 0.05.

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

In other news, Director Robert J. Hartson sold 7,500 shares of the firm’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 transaction, the director now owns 159,276 shares of the company’s stock, valued at approximately $3,687,239.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 10.59% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in shares of Howard Bancorp by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 394,407 shares of the financial services provider’s stock valued at $7,592,000 after acquiring an additional 16,266 shares during the period. Brown Advisory Inc. increased its stake in Howard Bancorp by 1.1% during the 3rd quarter. Brown Advisory Inc. now owns 349,577 shares of the financial services provider’s stock worth $7,305,000 after buying an additional 3,734 shares during the period. Hilton Capital Management LLC increased its stake in Howard Bancorp by 9.4% during the 3rd quarter. Hilton Capital Management LLC now owns 192,465 shares of the financial services provider’s stock worth $4,023,000 after buying an additional 16,550 shares during the period. Maltese Capital Management LLC increased its stake in Howard Bancorp by 5.5% during the 3rd quarter. Maltese Capital Management LLC now owns 183,900 shares of the financial services provider’s stock worth $3,844,000 after buying an additional 9,599 shares during the period. Finally, Vanguard Group Inc. increased its stake in Howard Bancorp by 124.2% during the 2nd quarter. Vanguard Group Inc. now owns 101,078 shares of the financial services provider’s stock worth $1,946,000 after buying an additional 56,004 shares during the period. 64.56% of the stock is currently owned by institutional investors and hedge funds.

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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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