UPDATE: Raymond James Downgrades Hilltop Holdings (HTH) to Market Perform
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Raymond James analyst Michael Rose downgraded Hilltop Holdings (NYSE: HTH) from Outperform to Market Perform.
The analyst comments "We are downgrading HTH shares from Outperform to Market Perform following 2Q21 results that exceeded our forecasts/consensus on a core basis but where normalizing mortgage income and pre-tax margins in its securities business drives our 2022 EPS estimate lower. While we continue to view the company's fundamental story positively given solid pre-tax, pre-provision (PTPP) profitability, capital flexibility (where it doubled its share repurchase authorization to $150 million), and discounted valuation to peers (although relative P/TBV discount in line with recent historical averages), we now view risk-reward as balanced as these positive attributes are balanced by normalizing mortgage/securities income (albeit off of record levels)."
Shares of Hilltop Holdings closed at $31.89 yesterday.
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