Howard Bancorp, Inc. (HBMD) Announces Earnings Results, Misses Expectations By $0.06 EPS
Howard Bancorp, Inc. (NASDAQ:HBMD) released its quarterly earnings results on Thursday. The financial services provider reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.06), MarketWatch Earnings reports. Howard Bancorp had a net margin of 11.01% and a return on equity of 5.93%. The business had revenue of $14.86 million for the quarter, compared to analyst estimates of $15.20 million.
Howard Bancorp (NASDAQ:HBMD) traded down 3.92% during midday trading on Friday, hitting $20.85. The stock had a trading volume of 14,679 shares. The stock has a market cap of $204.48 million, a price-to-earnings ratio of 27.04 and a beta of -0.01. Howard Bancorp has a 1-year low of $13.35 and a 1-year high of $22.10. The company has a 50-day moving average of $20.87 and a 200-day moving average of $19.43.
In other news, EVP Steven Poynot sold 1,334 shares of the company’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $20.46, for a total transaction of $27,293.64. Following the completion of the transaction, the executive vice president now directly owns 167 shares in the company, valued at $3,416.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.59% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in HBMD. California State Teachers Retirement System acquired a new position in shares of Howard Bancorp during the second quarter worth $300,000. State Street Corp acquired a new position in shares of Howard Bancorp during the second quarter worth $1,735,000. Finally, Vanguard Group Inc. increased its holdings in shares of Howard Bancorp by 124.2% during the second 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 in the last quarter. Institutional investors own 65.03% of the company’s stock.
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HBMD has been the subject of a number of recent analyst reports. UBS AG raised Howard Bancorp from an “outperform” rating to a “strong-buy” rating in a report on Monday, August 21st. Zacks Investment Research raised Howard Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Tuesday, August 22nd. Raymond James Financial, Inc. raised Howard Bancorp from an “outperform” rating to a “strong-buy” rating and set a $22.00 price target for the company in a report on Monday, August 21st. TheStreet cut Howard Bancorp from a “b” rating to a “c+” rating in a report on Monday, August 21st. Finally, Stephens raised Howard Bancorp from an “equal weight” rating to an “overweight” rating and set a $21.00 price target for the company in a report on Friday, August 18th. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Howard Bancorp has an average rating of “Buy” and an average price target of $21.00.
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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