Howard Bancorp (HBMD) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Howard Bancorp (NASDAQ:HBMD) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $17.00 price target on the financial services provider’s stock.

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. “

Several other research analysts have also commented on HBMD. Raymond James lowered Howard Bancorp from an outperform rating to a market perform rating in a research report on Tuesday, July 10th. Stephens restated a buy rating and set a $18.00 price objective on shares of Howard Bancorp in a research report on Wednesday, August 1st. ValuEngine lowered Howard Bancorp from a hold rating to a sell rating in a research report on Tuesday, August 7th. Finally, BidaskClub upgraded Howard Bancorp from a sell rating to a hold rating in a research report on Wednesday, September 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Howard Bancorp presently has an average rating of Hold and an average price target of $19.25.

Shares of HBMD traded down $0.41 during mid-day trading on Tuesday, hitting $15.48. The stock had a trading volume of 8,822 shares, compared to its average volume of 36,669. The firm has a market cap of $301.15 million, a price-to-earnings ratio of 19.59 and a beta of 0.12. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. Howard Bancorp has a fifty-two week low of $13.73 and a fifty-two week high of $24.20.

Howard Bancorp (NASDAQ:HBMD) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.03). The firm had revenue of $22.50 million during the quarter, compared to analyst estimates of $22.36 million. Howard Bancorp had a positive return on equity of 4.10% and a negative net margin of 2.37%. On average, sell-side analysts predict that Howard Bancorp will post 0.66 earnings per share for the current fiscal year.

In related news, President Robert D. Jr. Kunisch acquired 5,000 shares of Howard Bancorp stock in a transaction that occurred on Thursday, August 23rd. The stock was acquired at an average price of $17.16 per share, for a total transaction of $85,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard G. Arnold acquired 2,815 shares of Howard Bancorp stock in a transaction that occurred on Monday, September 24th. The shares were bought at an average price of $17.50 per share, with a total value of $49,262.50. Following the transaction, the director now directly owns 131,352 shares in the company, valued at $2,298,660. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,603 shares of company stock valued at $184,837 in the last 90 days. Insiders own 10.59% of the company’s stock.

A number of hedge funds have recently made changes to their positions in HBMD. Dimensional Fund Advisors LP boosted its position in Howard Bancorp by 54.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 110,476 shares of the financial services provider’s stock worth $2,187,000 after acquiring an additional 39,069 shares during the period. ELCO Management Co. LLC boosted its position in Howard Bancorp by 149.4% during the 2nd quarter. ELCO Management Co. LLC now owns 62,983 shares of the financial services provider’s stock worth $1,134,000 after acquiring an additional 37,727 shares during the period. First Trust Advisors LP acquired a new position in Howard Bancorp during the 2nd quarter worth $661,000. Rhumbline Advisers acquired a new position in Howard Bancorp during the 2nd quarter worth $221,000. Finally, Bank of New York Mellon Corp boosted its position in Howard Bancorp by 21.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 54,316 shares of the financial services provider’s stock worth $978,000 after acquiring an additional 9,609 shares during the period. Institutional investors own 52.30% of the company’s stock.

Howard Bancorp Company Profile

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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