UPDATE: Raymond James Downgrades Hilltop Holdings (HTH) to Market Perform

(Updated - July 26, 2021 7:30 AM EDT)

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)."

For an analyst ratings summary and ratings history on Hilltop Holdings click here. For more ratings news on Hilltop Holdings click here.

Shares of Hilltop Holdings closed at $31.89 yesterday.

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