Howard Bancorp (HBMD) Downgraded by Zacks Investment Research to “Strong Sell”

Zacks Investment Research downgraded shares of Howard Bancorp (NASDAQ:HBMD) from a hold rating to a strong sell rating in a research note released 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, Merion Capital Group raised Howard Bancorp from a neutral rating to an outperform rating and set a $23.00 price target on the stock in a research report on Friday, February 9th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the stock. Howard Bancorp currently has a consensus rating of Buy and an average target price of $23.00.

Shares of Howard Bancorp (HBMD) opened at $19.80 on Tuesday. The company has a market capitalization of $196.41, a PE ratio of 25.97 and a beta of 0.01. 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 $16.70 and a 1 year high of $24.20.

Howard Bancorp (NASDAQ:HBMD) last released its quarterly earnings results on Monday, January 22nd. The financial services provider reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). The business had revenue of $14.53 million for the quarter, compared to analyst estimates of $15.35 million. Howard Bancorp had a return on equity of 5.76% and a net margin of 11.51%. research analysts forecast that Howard Bancorp will post 1.25 EPS for the current year.

In related news, Director Robert J. Hartson sold 7,500 shares of Howard Bancorp stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $23.15, for a total value of $173,625.00. Following the sale, 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 can be accessed through this link. 10.59% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in Howard Bancorp by 23.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,309 shares of the financial services provider’s stock valued at $484,000 after buying an additional 4,436 shares during the last quarter. Northern Trust Corp acquired a new stake in Howard Bancorp in the 2nd quarter valued at approximately $1,566,000. Victory Capital Management Inc. raised its position in Howard Bancorp by 44.4% in the 4th quarter. Victory Capital Management Inc. now owns 62,535 shares of the financial services provider’s stock valued at $1,376,000 after buying an additional 19,235 shares during the last quarter. TIAA CREF Investment Management LLC acquired a new stake in Howard Bancorp in the 2nd quarter valued at approximately $447,000. Finally, Maltese Capital Management LLC raised its position in Howard Bancorp by 5.5% in the 3rd quarter. Maltese Capital Management LLC now owns 183,900 shares of the financial services provider’s stock valued at $3,844,000 after buying an additional 9,599 shares during the last quarter. 64.85% of the stock is currently owned by institutional investors and hedge funds.

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Howard Bancorp Company Profile

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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