Harbor Bankshares Corporation (HRBK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Harbor Bankshares Corporation stock $52.84, price $28.95, upside +82.5%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $0.2693 – $29.31 · fair‑value band $48.62 – $57.10 · the $28.95 price screens below the $52.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Harbor Bankshares Corporation provides various banking services in Maryland.
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The company offers personal checking, savings and investment, cards, individual retirement plans, certificate of deposits, mortgages, loans and lines of credit, online banking, bill pay, mobile banking, E-statement, telebanc, and interest rate services.
It also provides business loans, remote deposit, positive pay, cash management, and merchant services. In addition, the company offers personal, home equity, installment, and VIP loans; home equity and overdraft lines of credit. Further, the company provides brokerage and insurance products.
Harbor Bankshares Corporation was founded in 1982 and is based in Baltimore, Maryland.
Stock analysis
Harbor Bankshares Corporation (HRBK) currently trades at $28.95, while our model-based Fair Value estimate is $52.84, implying the stock looks roughly 45% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $64.82 per share, and 5 of the 6 models we run sit above the $28.95 price.
Bear case: the Dividend Discount group reads lowest at $35.97, and 1 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $48.62 (bear) to $57.10 (bull), the price of $28.95 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Harbor Bankshares Corporation reported revenue of $26.8M in FY2025 versus $17.6M in FY2021, a compound +11.1%/yr. Reported net income was $1.4M in FY2025, compounding −15.2%/yr from FY2021.
Key figures
Market cap $36.9M Micro · P/S ratio 2.64 · EPS (TTM) $−0.1200 · Dividend yield 1.7% · Net margin 5.1% · Return on equity 11.0% · Return on assets (EBIT) 0.8% (5-year average) · Operating margin 26.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 70% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 83%, HRBK screens cheaper than that median.
Fair Value models
Bear$48.62Fair Value $52.84Bull$57.10
Price $28.95 · Upside +82.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.47/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Start year 2020 (pandemic)
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.8%
Dividend (yield on the price)1.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 7%
Compare Harbor Bankshares Corporation with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+82.5% · Top 25%
Profitability
Return on equity (12 months)11.0% · Above median
Return on assets0.4% · Bottom 25%
Net margin (12 months)14.1% · Bottom 25%
Operating margin (12 months)26.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)19.9% · Top 25%
Dividend yield (12 months)1.7% · Below median
Balance sheet
Debt / equity0.07× · Lowest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Harbor Bankshares Corporation (HRBK) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $52.84 versus a price of $28.95, about +83% upside (undervalued).
What is the fair value of HRBK?
Our model-based fair value for Harbor Bankshares Corporation is $52.84 (as of Nov 8, 2026), built from audited fundamentals. The current price: $28.95.
What is the quality score of HRBK?
Harbor Bankshares Corporation has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Harbor Bankshares Corporation (HRBK)?
Our model-based price target is the fair value of $52.84 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario $48.62, optimistic scenario $57.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Harbor Bankshares Corporation stock forecast for 2026?
Our models put fair value at $52.84, about +83% upside versus a price of $28.95 (undervalued). Cautious scenario $48.62, optimistic scenario $57.10. The calculation is refreshed regularly with new filings.
What is the revenue of Harbor Bankshares Corporation (HRBK)?
Harbor Bankshares Corporation reported trailing-twelve-month revenue of about $13.3M (latest available figure, as of Nov 8, 2026).
Does Harbor Bankshares Corporation pay a dividend?
Harbor Bankshares Corporation currently shows a dividend yield of 1.73% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Harbor Bankshares Corporation (HRBK) and when is the ex-dividend date?
Harbor Bankshares Corporation pays a dividend of $0.5 per share a year, a dividend yield of 1.7%. The last ex-dividend date was Apr 2, 2026. The payout ratio is 44.8% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Harbor Bankshares Corporation (HRBK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harbor Bankshares Corporation it is $52.84 per share (as of Nov 8, 2026), against a price of $28.95. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Harbor Bankshares Corporation stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HRBK trades below its calculated fair value: price $28.95, fair value $52.84, a gap of about +83% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HRBK?
No. The price is what the market pays today ($28.95); the fair value is what the company's own numbers justify ($52.84). For Harbor Bankshares Corporation the two are $23.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harbor Bankshares Corporation worth?
The market values Harbor Bankshares Corporation at about $36.9M (market capitalisation, as of Nov 8, 2026). Per share that is $28.95; our models calculate a fair value of $52.84 per share.
What do the bullish and bearish scenarios say about HRBK?
Our models span a range for Harbor Bankshares Corporation: cautious scenario $48.62, base $52.84, optimistic $57.10 per share (as of Nov 8, 2026, price $28.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HRBK?
The PEG ratio of Harbor Bankshares Corporation is 1.55 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Harbor Bankshares Corporation (HRBK)?
Balance-sheet figures for Harbor Bankshares Corporation (as of Nov 8, 2026): return on equity 11.0%, debt of 0.07 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is HRBK from its 52-week high?
Harbor Bankshares Corporation trades at $28.95, about 1% below its 52-week high of $29.31 and 70% above the low of $17.05 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $52.84 is for.
Which stocks are comparable to Harbor Bankshares Corporation?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Harbor Bankshares Corporation stock attractive at the current price?
The data as of Nov 8, 2026: price $28.95, calculated fair value $52.84 (+83%), Quality Score 41/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HRBK calculated?
We run Harbor Bankshares Corporation through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $52.84 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Harbor Bankshares Corporation currently trades 45% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Harbor Bankshares Corporation (HRBK)?
The closing price on Nov 6, 2026 was $28.95. Our model-based fair value is $52.84, about +83% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harbor Bankshares Corporation right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($48.62). The market is more pessimistic than our downside scenario. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Harbor Bankshares Corporation
How large is the market capitalisation of Harbor Bankshares Corporation (HRBK)?
The market capitalisation of Harbor Bankshares Corporation is $36.9M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Harbor Bankshares Corporation (HRBK)?
The price-to-sales ratio of Harbor Bankshares Corporation is 2.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Harbor Bankshares Corporation (HRBK)?
Earnings per share at Harbor Bankshares Corporation are $−0.1200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Harbor Bankshares Corporation (HRBK)?
The dividend yield of Harbor Bankshares Corporation is 1.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Harbor Bankshares Corporation (HRBK)?
The net margin of Harbor Bankshares Corporation is 5.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Harbor Bankshares Corporation (HRBK)?
The return on equity (ROE) of Harbor Bankshares Corporation is 11.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Harbor Bankshares Corporation (HRBK)?
On an EBIT basis the return on assets of Harbor Bankshares Corporation is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Harbor Bankshares Corporation (HRBK)?
The operating margin of Harbor Bankshares Corporation is 26.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harbor Bankshares Corporation (HRBK)?
Revenue at Harbor Bankshares Corporation is growing +19.9% versus a year earlier (3y avg +16.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Harbor Bankshares Corporation (HRBK)?
Earnings per share at Harbor Bankshares Corporation are growing −10.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Harbor Bankshares Corporation (HRBK) generate?
The free cash flow of Harbor Bankshares Corporation is −$510K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Harbor Bankshares Corporation (HRBK) carry?
The net debt of Harbor Bankshares Corporation is $447K (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026