UPDATE: Stephens Downgrades Howard Bancorp (HBMD) to Equal Weight
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Stephens analyst Brody Preston downgraded Howard Bancorp (NASDAQ: HBMD) from Overweight to Equal Weight, PT $22.50 (from $19.50).
The analyst comments "HBMD reported 2Q GAAP/op. EPS of $0.40/$0.32 compared to our $0.26. The beat was driven by across the board strength, with both core NII and fee income exceeding our estimates, while OpEx came in 2% below our estimate, resulting in a PPNR beat of 6% vs. our estimates and 11% vs. consensus. Additionally, the $0 LLP was below our $1.0 mil. estimate. Beyond these items, core loan growth was strong for the second quarter in a row, driven by CRE and consumer loan growth, which helped drive ~12.5% LQA ex. PPP loan growth. Following a solid 2Q print, we increased our 2021/2022 op. EPS to $1.22/$1.26 (vs. $1.04/$1.15 previously). That said, with the announcement of HBMD's pending sale to FNB we are downgrading shares to Equal-Weight to reflect our rating on shares of FNB, while increasing our PT to $22.50 to reflect our PT on FNB and the exchange ratio."
Shares of Howard Bancorp closed at $19.37 yesterday.
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