UPDATE: Stephens Downgrades Howard Bancorp (HBMD) to Equal Weight

July 26, 2021 6:21 AM EDT
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Price: $20.33 +3.20%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 9 | New: 34
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(Updated - July 26, 2021 6:28 AM EDT)

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."

For an analyst ratings summary and ratings history on Howard Bancorp click here. For more ratings news on Howard Bancorp click here.

Shares of Howard Bancorp closed at $19.37 yesterday.


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