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 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 set a $23.00 target price (up previously from $22.00) on shares of Howard Bancorp in a research note on Friday, October 20th. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $21.33.

Shares of Howard Bancorp (NASDAQ HBMD) traded down $0.95 on Tuesday, hitting $21.35. 14,479 shares of the stock traded hands, compared to its average volume of 28,653. Howard Bancorp has a twelve month low of $14.75 and a twelve month high of $24.20. The firm has a market capitalization of $218.87, a P/E ratio of 30.94 and a beta of -0.07. 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 earnings results on Thursday, October 19th. The financial services provider reported $0.17 earnings per share for the quarter, missing the 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 business had revenue of $14.86 million for the quarter, compared to analyst estimates of $15.20 million. sell-side 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 firm’s stock in a transaction dated 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 owns 159,276 shares in the company, valued at $3,687,239.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 10.59% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Context BH Capital Management LP lifted its position in Howard Bancorp by 2.2% in the second quarter. Context BH Capital Management LP now owns 32,072 shares of the financial services provider’s stock valued at $617,000 after purchasing an additional 702 shares during the period. Brown Advisory Inc. lifted its position in Howard Bancorp by 1.1% in the third quarter. Brown Advisory Inc. now owns 349,577 shares of the financial services provider’s stock valued at $7,305,000 after purchasing an additional 3,734 shares during the period. JPMorgan Chase & Co. lifted its position in Howard Bancorp by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 23,309 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 4,436 shares during the period. Macquarie Group Ltd. acquired a new stake in Howard Bancorp in the third quarter valued at about $118,000. Finally, New York State Common Retirement Fund acquired a new stake in Howard Bancorp in the second quarter valued at about $181,000. Hedge funds and other 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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