Equity Bancshares (NYSE:EQBK) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Key Points

• Equity Bancshares beat earnings expectations: Quarterly EPS was $1.40, exceeding the $1.29 consensus by $0.11, while revenue of $83.73 million fell short of the $84.91 million estimate.
• The stock declined 0.7% to $46.50 despite the earnings beat. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $54.00.
• The company raised its quarterly dividend to $0.22 per share from $0.18, implying an annualized payout of $0.88 and a 1.9% yield.

Equity Bancshares (NYSE:EQBK - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.11, FiscalAI reports. Equity Bancshares had a return on equity of 13.34% and a net margin of 8.26%. The firm had revenue of $83.73 million during the quarter, compared to analysts' expectations of $84.91 million.

Equity Bancshares Trading Down 0.7%

Equity Bancshares stock traded down $0.33 during trading on Wednesday, reaching $46.50. 181,308 shares of the company were exchanged, compared to its average volume of 114,532. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.93 and a quick ratio of 0.93. The stock's 50 day simple moving average is $49.38 and its two-hundred day simple moving average is $47.84. The company has a market capitalization of $957.41 million, a P/E ratio of 27.84 and a beta of 0.80. Equity Bancshares has a 52-week low of $38.60 and a 52-week high of $52.27.

Equity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.22 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. This is an increase from Equity Bancshares's previous quarterly dividend of $0.18. Equity Bancshares's payout ratio is presently 52.69%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EQBK shares. Weiss Ratings upgraded Equity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Equity Bancshares from a "buy" rating to a "hold" rating in a research note on Sunday, September 13th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating on shares of Equity Bancshares in a report on Monday, June 22nd. Benchmark initiated coverage on Equity Bancshares in a research note on Wednesday, June 24th. They issued a "buy" rating and a $57.00 price target for the company. Finally, Zacks Research upgraded shares of Equity Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Insider Activity

In other Equity Bancshares news, Director Donald Scott Rogerson bought 2,000 shares of Equity Bancshares stock in a transaction on Friday, August 21st. The shares were bought at an average price of $50.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director directly owned 10,103 shares of the company's stock, valued at $505,150. This trade represents a 24.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, COO Julie Huber sold 2,197 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $51.12, for a total transaction of $112,310.64. Following the completion of the transaction, the chief operating officer owned 62,009 shares in the company, valued at approximately $3,169,900.08. This represents a 3.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have bought 4,989 shares of company stock valued at $250,919 and have sold 24,500 shares valued at $1,250,951. Insiders own 14.50% of the company's stock.

About Equity Bancshares

Equity Bancshares, Inc is a bank holding company headquartered in Wichita, Kansas. Through its subsidiary, Equity Bank, the company provides community banking services to individuals, businesses, agricultural customers and public-sector organizations.

Equity Bank offers checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer financing, agricultural loans and commercial lines of credit. Its business banking services also include treasury management, cash management, electronic banking and other financial solutions designed to support operating and borrowing needs.

Founded in 2002, Equity Bancshares has expanded through organic growth and acquisitions.

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