Home Bancorp rises after Raymond James upgrades to 'outperform'

Home Bancorp

21/10/2024 19:22

** Shares of regional lender Home Bancorp  HBCP.O  rise as
much as 9%, last up 3.6% at $46.50 
    ** Raymond James upgrades shares of HBCP to "outperform"
from "market perform"; assigns $50 PT, an 11.4% upside to
stock's last close
    ** Brokerage says its stronger conviction is based on HBCP's
above peer-profitability levels, strong credit quality, and
healthy reserve level
    ** While industry loan growth has slowed, HBCP has an
inherent strength, where it can leverage its more rural
Louisiana deposits to fund growth in the faster-growing Houston
market - Raymond James 
    ** Raymond James says HBCP stock carries a steep discount
compared to peers 
    ** Brokerage views the stock discount as unwarranted and
believes HBCP shares can inflect higher from current levels
    ** Two of three brokerages rate the stock "buy" and one
"hold"; median PT is $50 - LSEG data
    ** As of last close, HBCP shares were down 6.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))