Zacks Investment Research Downgrades Howard Bancorp (NASDAQ:HBMD) to Hold

Zacks Investment Research cut shares of Howard Bancorp (NASDAQ:HBMD) from a buy rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

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. “

A number of other research firms have also weighed in on HBMD. TheStreet raised shares of Howard Bancorp from a c+ rating to a b- rating in a research note on Tuesday, July 2nd. BidaskClub raised shares of Xilinx from a hold rating to a buy rating in a research note on Saturday, June 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of Hold and an average target price of $16.00.

Howard Bancorp stock opened at $14.75 on Friday. Howard Bancorp has a 1-year low of $12.60 and a 1-year high of $19.52. The company has a market capitalization of $284.01 million, a price-to-earnings ratio of 22.69 and a beta of 0.30. The firm has a fifty day simple moving average of $14.29. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.99 and a quick ratio of 0.97.

Howard Bancorp (NASDAQ:HBMD) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Howard Bancorp had a net margin of 5.73% and a return on equity of 4.81%. The firm had revenue of $22.01 million for the quarter, compared to analyst estimates of $21.40 million. As a group, sell-side analysts forecast that Howard Bancorp will post 0.99 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its holdings in shares of Howard Bancorp by 779.0% in the first quarter. BNP Paribas Arbitrage SA now owns 2,769 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 2,454 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Howard Bancorp by 31.9% in the fourth quarter. Bank of America Corp DE now owns 13,375 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 3,235 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Howard Bancorp by 47.4% in the fourth quarter. Rhumbline Advisers now owns 17,892 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 5,755 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Howard Bancorp by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 44,224 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 829 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Howard Bancorp by 12.0% in the first quarter. Victory Capital Management Inc. now owns 81,435 shares of the financial services provider’s stock valued at $1,206,000 after purchasing an additional 8,735 shares during the last quarter. Institutional investors own 52.80% of the company’s stock.

Howard Bancorp Company Profile

Howard Bancorp, Inc operates as the bank holding company for Howard Bank that provides 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, money market, savings, individual retirement, and commercial and retail checking accounts, as well as certificates of deposit.

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