Equity Bancshares, Inc. (NYSE:EQBK) Short Interest Up 102.3% in June

Key Points

• Short interest in Equity Bancshares more than doubled in June, rising 102.3% to 739,835 shares as of June 30. That represents 4.2% of the float and implies about 3.6 days to cover based on average trading volume.
• The company reported better-than-expected quarterly earnings, posting $1.41 EPS versus the $1.24 consensus estimate. Revenue came in below expectations at $81.93 million.
• Analysts remain mixed but mostly constructive, with a consensus rating of “Moderate Buy” and an average price target of $53.20. The stock was trading near $49.08, close to its 12-month high of $51.48.

Equity Bancshares, Inc. (NYSE:EQBK - Get Free Report) saw a significant growth in short interest in June. As of June 30th, there was short interest totaling 739,835 shares, a growth of 102.3% from the June 15th total of 365,748 shares. Based on an average trading volume of 203,247 shares, the days-to-cover ratio is currently 3.6 days. Currently, 4.2% of the company's stock are sold short.

Insider Buying and Selling

In other news, Director Donald Scott Rogerson purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was acquired at an average cost of $45.93 per share, with a total value of $91,860.00. Following the acquisition, the director owned 5,000 shares in the company, valued at approximately $229,650. This trade represents a 66.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Brett A. Reber sold 1,686 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $47.85, for a total transaction of $80,675.10. Following the sale, the general counsel directly owned 34,495 shares of the company's stock, valued at approximately $1,650,585.75. The trade was a 4.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 14.50% of the company's stock.

Institutional Trading of Equity Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. First Trust Advisors LP lifted its position in shares of Equity Bancshares by 0.6% in the 1st quarter. First Trust Advisors LP now owns 48,621 shares of the company's stock worth $2,159,000 after buying an additional 300 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Equity Bancshares by 0.7% in the 4th quarter. Russell Investments Group Ltd. now owns 51,640 shares of the company's stock valued at $2,306,000 after buying an additional 381 shares during the period. Intech Investment Management LLC grew its position in shares of Equity Bancshares by 5.6% during the 3rd quarter. Intech Investment Management LLC now owns 7,306 shares of the company's stock valued at $297,000 after buying an additional 388 shares during the last quarter. Mariner LLC grew its position in shares of Equity Bancshares by 5.4% during the 4th quarter. Mariner LLC now owns 9,516 shares of the company's stock valued at $425,000 after buying an additional 486 shares during the last quarter. Finally, Osaic Holdings Inc. raised its stake in Equity Bancshares by 282.0% during the second quarter. Osaic Holdings Inc. now owns 680 shares of the company's stock worth $28,000 after acquiring an additional 502 shares during the period. Institutional investors and hedge funds own 71.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EQBK. Hovde Group assumed coverage on shares of Equity Bancshares in a research report on Wednesday, June 10th. They issued a "market perform" rating and a $51.00 price objective for the company. Weiss Ratings lowered Equity Bancshares from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday. Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of Equity Bancshares in a research note on Monday, June 22nd. DA Davidson boosted their price target on Equity Bancshares from $47.00 to $51.00 and gave the stock a "neutral" rating in a research note on Monday, June 22nd. Finally, Benchmark began coverage on Equity Bancshares in a report on Wednesday, June 24th. They issued a "buy" rating and a $57.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.20.

Equity Bancshares Stock Up 0.2%

NYSE EQBK traded up $0.11 during trading hours on Wednesday, reaching $49.08. 205,157 shares of the company traded hands, compared to its average volume of 116,330. Equity Bancshares has a 12 month low of $36.04 and a 12 month high of $51.48. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $1.01 billion, a PE ratio of 38.95 and a beta of 0.77. The company has a 50 day moving average of $46.98 and a two-hundred day moving average of $46.02.

Equity Bancshares (NYSE:EQBK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.17. The company had revenue of $81.93 million during the quarter, compared to analyst estimates of $85.10 million. Equity Bancshares had a net margin of 6.15% and a return on equity of 12.85%. As a group, equities analysts expect that Equity Bancshares will post 5.06 earnings per share for the current year.

Equity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Tuesday, June 30th. Equity Bancshares's dividend payout ratio (DPR) is 57.14%.

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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