Hilltop Holdings Inc. reports developments for a financial holding company built around Texas banking, national residential mortgage lending, and broker-dealer operations. Its subsidiaries include PlainsCapital Bank, PrimeLending, Hilltop Securities Inc., and Momentum Independent Network Inc.
Recurring updates cover quarterly and annual results, capital actions such as cash dividends and share repurchases, capital ratios, loan trends, mortgage conditions, and broker-dealer activity in public finance, capital markets, wealth management, clearing, and related services. Company news also includes board and executive governance changes, regional banking leadership, and HilltopSecurities initiatives tied to its national investment-banking and municipal-advisory franchise.
Hilltop Holdings Inc. (NYSE: HTH) has amended its modified Dutch auction tender offer to purchase up to $350 million of its common stock. The revised purchase price range is set between $21.00 and $24.00 per share. If fully subscribed, the company will buy 14.58 to 16.67 million shares, representing up to 18.5% of outstanding common stock. The offer's expiration has been extended to November 13, 2020. No minimum shares are required for the offer, and the Federal Reserve has provided non-objection.
Hilltop Holdings reported a strong financial performance for Q3 2020, with net income from continuing operations reaching $152.5 million, or $1.69 per diluted share, up from $74.2 million or $0.81 in Q3 2019. The growth is driven by a 96% increase in mortgage origination net gains, totaling $307.9 million. The company declared a $0.09 dividend per share, payable November 30, 2020. However, ongoing implications from COVID-19 on operations remain a concern. Hilltop's returns on average assets and equity were 3.71% and 25.94%, respectively.
HilltopSecurities director Ester Flores has been named a 2020 Rising Star by The Bond Buyer, recognizing her leadership in municipal finance. At just 36, she has executed over 220 transactions worth approximately $21.2 billion. This accolade reflects her innovative thinking and contributions to public finance, particularly in sectors like higher education and healthcare. HilltopSecurities, a subsidiary of Hilltop Holdings (NYSE: HTH), continues to strengthen its position in the industry through professionals like Flores.
HilltopSecurities has announced the promotions of Peter Cappos and Alan Lennick to managing directors overseeing the West Coast and Midwest regions, respectively, within its wealth management division. This strategic move aims to enhance recruiting efforts as the investment bank expands its market presence. Cappos, with over two decades in wealth management, previously managed the Beverly Hills branch, while Lennick brings experience from Ameriprise Financial. The firm continues to evolve, focusing on client engagement and advisor technology.
Hilltop Securities Inc. has welcomed five new municipal sales and trading professionals to its Debt Capital Markets and Fixed Income Capital Markets teams in Charlotte, North Carolina. The new additions include Todd Bleakney as senior managing director, Vinh Nguyen, Josh Phillips, Scott Wooster, and Brian Brown as managing directors. This expansion aims to enhance the firm’s capabilities in municipal investment banking and solidifies its growing presence in Charlotte. The firm has experienced significant growth in its Charlotte office this year.
Hilltop Holdings Inc. (NYSE: HTH) will conduct a live webcast and conference call on October 23, 2020, at 8:00 AM Central to discuss its third quarter 2020 financial results. President and CEO Jeremy B. Ford, along with CFO William B. Furr, will present the findings. The conference call can be accessed domestically at 1-877-508-9457 and internationally at 1-412-317-0789. Investors can also join via the webcast on Hilltop’s Investor Relations website. Hilltop operates PlainsCapital Bank and provides various financial services across the U.S.