ELCO Management Co. LLC Reduces Position in Howard Bancorp, Inc. (HBMD)
ELCO Management Co. LLC reduced its holdings in Howard Bancorp, Inc. (NASDAQ:HBMD) by 3.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,170 shares of the financial services provider’s stock after selling 760 shares during the quarter. ELCO Management Co. LLC owned 0.20% of Howard Bancorp worth $369,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. acquired a new stake in Howard Bancorp during the second quarter valued at approximately $293,000. Bank of New York Mellon Corp bought a new stake in Howard Bancorp during the second quarter worth approximately $473,000. Biegel & Waller LLC grew its position in Howard Bancorp by 1.7% in the second quarter. Biegel & Waller LLC now owns 100,784 shares of the financial services provider’s stock worth $1,940,000 after buying an additional 1,672 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in Howard Bancorp in the second quarter worth approximately $363,000. Finally, Teachers Advisors LLC acquired a new position in Howard Bancorp in the second quarter worth approximately $296,000. Institutional investors and hedge funds own 65.03% of the company’s stock.
Shares of Howard Bancorp, Inc. (NASDAQ HBMD) traded up 0.72% during midday trading on Wednesday, reaching $21.10. The company’s stock had a trading volume of 4,996 shares. Howard Bancorp, Inc. has a 12 month low of $12.85 and a 12 month high of $21.50. The company has a market cap of $206.93 million, a price-to-earnings ratio of 27.37 and a beta of -0.01. The stock has a 50-day moving average of $19.92 and a 200 day moving average of $19.12.
Howard Bancorp (NASDAQ:HBMD) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.21 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21. The firm had revenue of $14.81 million for the quarter, compared to analyst estimates of $13.95 million. Howard Bancorp had a return on equity of 5.93% and a net margin of 11.01%. On average, analysts predict that Howard Bancorp, Inc. will post $0.87 earnings per share for the current fiscal year.
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In other news, EVP Steven Poynot sold 1,334 shares of the 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 sale, the executive vice president now owns 167 shares of the company’s stock, valued at $3,416.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.59% of the stock is owned by corporate insiders.
Several research firms have issued reports on HBMD. Zacks Investment Research raised Howard Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Tuesday, August 22nd. TheStreet downgraded Howard Bancorp from a “b” rating to a “c+” rating in a report on Monday, August 21st. Raymond James Financial, Inc. reissued an “outperform” rating on shares of Howard Bancorp in a research note on Thursday, August 10th. UBS AG cut Howard Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, August 10th. Finally, Stephens upgraded Howard Bancorp from an “equal weight” rating to an “overweight” rating and set a $21.00 price objective on the stock in a report on Friday, August 18th. Two investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Howard Bancorp presently has a consensus rating of “Strong Buy” and an average target price of $21.00.
Howard Bancorp Profile
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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