Professional
Added to YB: 2026-02-27
Pitch date: 2026-02-25
HIFS [bearish]
Hingham Institution for Savings
-1.63%
current return
Author Info
Company Info
Hingham Institution for Savings provides various financial services to individuals and small businesses in the United States.
Market Cap
$661.7M
Pitch Price
$296.57
Price Target
126.00 (-58%)
Dividend
0.83%
EV/EBITDA
N/A
P/E
12.25
EV/Sales
N/A
Sector
Banks
Category
N/A
We Think HIFS Is the B. Riley of Regional Banks. We Believe HIFS Has Undisclosed Foreclosures, Over a Hundred Million in Failing Property Loans, And Is Highly Levered.
HIFS (short): Regional bank transformed into highly levered, concentrated DC CRE play. Undisclosed Jan foreclosures on $5.2M loans ($52M total borrower exposure) not marked non-performing in Q4. $125M+ high-risk loans identified, minimal reserves vs $480M capital. $833M 2021-22 DC CRE loans at 75% reported LTV now ~120%+ implied LTV. Office prices -40% since 2023, multifamily -25% through Jan'24. Trades 1.38x P/B vs KRE 1.20x. See 58%+ downside risk.
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