Equity Bancshares (NYSE:EQBK) Price Target Raised to $53.00 at Hovde Group

Key Points

• Hovde Group raised Equity Bancshares’ price target to $53 from $51 while maintaining a “market perform” rating, implying 4.15% upside. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $54.50 average target.
• Equity Bancshares reported quarterly EPS of $1.41, beating estimates of $1.24, although revenue of $81.93 million fell short of the $85.10 million consensus.
• The stock opened at $50.89 and is up 2.7%; insiders have been net sellers over the past 90 days, selling $1.33 million in shares versus $250,919 purchased, while institutional investors own 71.8% of the company.

Equity Bancshares (NYSE:EQBK - Get Free Report) had its target price hoisted by Hovde Group from $51.00 to $53.00 in a note issued to investors on Friday, Briefing.com reports. The brokerage presently has a "market perform" rating on the stock. Hovde Group's price objective indicates a potential upside of 4.15% from the company's current price.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings raised Equity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. DA Davidson raised their target price on Equity Bancshares from $47.00 to $51.00 and gave the stock a "neutral" rating in a report on Monday, June 22nd. Benchmark began coverage on Equity Bancshares in a research report on Wednesday, June 24th. They set a "buy" rating and a $57.00 price target for the company. Piper Sandler reissued an "overweight" rating on shares of Equity Bancshares in a report on Monday, June 22nd. Finally, Royal Bank Of Canada restated a "buy" rating on shares of Equity Bancshares in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Equity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Equity Bancshares Stock Up 2.7%

NYSE:EQBK opened at $50.89 on Friday. The firm has a market capitalization of $1.05 billion, a P/E ratio of 30.47 and a beta of 0.76. Equity Bancshares has a 1-year low of $38.60 and a 1-year high of $52.27. The company's fifty day moving average price is $50.03 and its 200-day moving average price is $47.10. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.93 and a quick ratio of 0.93.

Equity Bancshares (NYSE:EQBK - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.17. The company had revenue of $81.93 million during the quarter, compared to the consensus estimate of $85.10 million. Equity Bancshares had a net margin of 8.26% and a return on equity of 13.34%. As a group, equities research analysts anticipate that Equity Bancshares will post 5.18 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brad Elliott sold 12,272 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $51.03, for a total value of $626,240.16. Following the completion of the transaction, the chief executive officer owned 55,313 shares of the company's stock, valued at approximately $2,822,622.39. This represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Brett Reber sold 1,686 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $47.85, for a total value of $80,675.10. Following the transaction, the general counsel owned 34,495 shares in the company, valued at $1,650,585.75. This represents a 4.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have acquired 4,989 shares of company stock worth $250,919 and have sold 26,186 shares worth $1,331,626. 14.50% of the stock is owned by company insiders.

Institutional Trading of Equity Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its stake in Equity Bancshares by 282.0% in the 2nd quarter. Osaic Holdings Inc. now owns 680 shares of the company's stock valued at $28,000 after buying an additional 502 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Equity Bancshares during the second quarter valued at approximately $36,000. Royal Bank of Canada raised its holdings in shares of Equity Bancshares by 132.0% during the fourth quarter. Royal Bank of Canada now owns 972 shares of the company's stock valued at $44,000 after acquiring an additional 553 shares during the last quarter. State of Wyoming purchased a new position in shares of Equity Bancshares in the second quarter valued at approximately $59,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Equity Bancshares by 233.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,925 shares of the company's stock valued at $79,000 after acquiring an additional 1,347 shares in the last quarter. Hedge funds and other institutional investors own 71.80% of the company's stock.

Equity Bancshares Company Profile

Equity Bancshares, Inc is the bank holding company for Equity Bank, a regional financial services provider headquartered in Wichita, Kansas. As a publicly traded company on the New York Stock Exchange under the ticker EQBK, Equity Bancshares operates a network of branches and lending offices across Kansas, Missouri, Oklahoma, Illinois and Colorado. Its geographic footprint spans both urban and rural markets, reflecting a focus on supporting small businesses, agricultural enterprises and individual consumers throughout the Midwest.

The company's core business activities encompass a full spectrum of commercial and consumer banking services.

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