HTH - Hilltop Holdings: Get Ready To Jump On The Bandwagon
Introduction and investment thesis
Hilltop Holdings, listed as [[HTH]] on the NYSE, is a Texas-based financial holding company. The company's business concentration in Texas brings it a lot of negative perception due to the lack of geographic diversification and potentially cyclical exposure. Yet, Hilltop is in a better position now than ever before, thanks to a low-risk mortgage flow business and well-established capital market activities.
The company's stock price rose more than 30% in the past month, which, in my view, is mostly due to macro-wide developments, including the surprisingly upbeat jobs report. Until conditions