Shares of Equity Bancshares, Inc. (NASDAQ: EQBK) have received an average rating of “Moderate Buy” from six research firms actively covering the company, according to a report by Marketbeat Ratings. Out of these analysts, three have recommended holding the stock, while the remaining three have issued buy ratings. The consensus twelve-month target price for the stock stands at $46.60.
Several brokerages have recently provided updates on Equity Bancshares. On April 3, 2024, Janney Montgomery Scott initiated coverage with a “neutral” rating. Following this, on April 7, Keefe, Bruyette & Woods reduced their price target from $46.00 to $44.00, designating the stock as “market perform.” Piper Sandler similarly adjusted their price objective, lowering it from $46.00 to $44.00 while maintaining an “overweight” rating on April 17. On the same day, DA Davidson cut their price target from $40.00 to $39.00, also assigning a “neutral” rating.
Institutional Investment Activity
Recent activity among large investors indicates a mixed sentiment towards Equity Bancshares. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 4.1% during the fourth quarter, resulting in ownership of 8,158 shares valued at $346,000. Invesco Ltd. also raised its holdings by 1.5%, now holding 26,266 shares worth $1,114,000.
In the first quarter, MetLife Investment Management LLC expanded its position by 4.5%, acquiring an additional 413 shares to reach a total of 9,492 shares valued at $374,000. Legal & General Group Plc increased its holdings by 3.0%, owning 14,033 shares now worth $595,000. Charles Schwab Investment Management Inc. also raised its stake slightly by 0.6%, totaling 113,013 shares valued at $4,794,000. Currently, institutional investors control 71.80% of the company’s stock.
Current Market Performance and Dividend Announcement
On April 19, 2024, shares of Equity Bancshares opened at $42.92, reflecting a 1.1% decline. The company has a market capitalization of $751.66 million, a price-to-earnings ratio of 10.78, and a beta of 0.78. Its current and quick ratios are both 0.86, with a debt-to-equity ratio of 0.78. The stock has fluctuated between a low of $32.95 and a high of $50.85 over the past year, with its 50-day moving average at $40.26 and its 200-day moving average at $40.56.
The company has also announced a quarterly dividend of $0.15 per share, scheduled for payment on July 15, 2024. Shareholders on record as of June 30 will receive this dividend, translating to an annualized payout of $0.60 and a dividend yield of 1.40%. The ex-dividend date is set for June 30, with a current payout ratio of 15.27%.
Equity Bancshares, Inc. operates as the bank holding company for Equity Bank, offering a diverse array of banking, mortgage banking, and financial services to both individual and corporate clients. The institution provides various deposit options, including demand, savings, money market, and time deposits. Its loan products encompass commercial and industrial loans, commercial real estate financing, and a variety of other financial solutions tailored to meet customer needs.
