Equity Bancshares, Inc. (NASDAQ:EQBK) Sees Strong Short-Term Interest Growth


Equity Bancshares, Inc. (NASDAQ: EQBK – Get Rating) benefited from a sharp rise in short-term interest rates in October. As of October 15, there was short interest totaling 211,100 shares, an increase of 12.2% from the total of 188,200 shares as of September 30. Based on an average daily volume of 41,300 shares, the day-to-cover ratio is currently 5.1 days. Currently, 1.5% of the company’s shares are sold short.

Insider Activity at Equity Bancshares

Separately, Executive Vice President Julie A. Huber sold 9,500 shares of the company in a trade dated Tuesday, August 2. The stock was sold at an average price of $30.77, for a total value of $292,315.00. Following the completion of the sale, the executive vice president now directly owns 46,978 shares of the company, valued at approximately $1,445,513.06. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. In other Equity Bancshares news, COO Gregory H. Kossover sold 1,200 shares of the company in a trade that took place on Monday, October 24. The stock was sold at an average price of $34.54, for a total transaction of $41,448.00. Following the completion of the sale, the COO now directly owns 66,449 shares of the company, valued at approximately $2,295,148.46. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, Executive Vice President Julie A. Huber sold 9,500 shares of the company in a trade that took place on Tuesday, August 2. The shares were sold at an average price of $30.77, for a total value of $292,315.00. Following the sale, the executive vice president now directly owns 46,978 shares of the company, valued at $1,445,513.06. The disclosure of this sale can be found here. Insiders sold a total of 36,432 shares of the company valued at $1,218,946 over the past three months. 8.10% of the shares are currently held by insiders of the company.

Institutional investors weigh on Bancshares shares

Institutional investors and hedge funds have recently changed their holdings in the company. Amalgamated Bank acquired a new equity stake from Equity Bancshares in Q1 worth approximately $53,000. SG Americas Securities LLC acquired a new equity stake in Equity Bancshares in Q2 worth approximately $158,000. Zebra Capital Management LLC acquired a new equity stake from Equity Bancshares in Q1 worth approximately $202,000. American International Group Inc. increased its holdings of Equity Bancshares shares by 7.1% in the second quarter. American International Group Inc. now owns 7,191 shares of the bank worth $210,000 after acquiring 478 additional shares during the period. Finally, Principal Financial Group Inc. acquired a new equity stake in Equity Bancshares in Q2 worth approximately $222,000. Institutional investors and hedge funds own 62.29% of the company’s shares.

Bancshares Stock Performance Shares

Shares of EQBK rose $0.59 during Friday trading hours, hitting $35.45. 92,195 shares of the company were traded, against an average volume of 45,855. The company has a market capitalization of $570.39 million, a P/E ratio of 10.40 and a beta of 0.72. The company’s 50-day moving average is $31.51 and its two-hundred-day moving average is $31.33. Equity Bancshares has a 1-year low of $28.06 and a 1-year high of $36.00. The company has a debt ratio of 0.41, a current ratio of 0.75 and a quick ratio of 0.75.

Equity Bancshares increases dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 14. Shareholders of record on Friday, September 30 received a dividend of $0.10 per share. This represents a dividend of $0.40 on an annualized basis and a dividend yield of 1.13%. This is an increase from Equity Bancshares’ previous quarterly dividend of $0.08. The ex-dividend date was Thursday, September 29. Equity Bancshares’ dividend payout rate is 11.73%.

Wall Street analysts predict growth

Several analysts have commented on the company. Stephens raised his price target on Equity Bancshares to $37.00 in a Tuesday, August 23 research note. StockNews.com launched coverage on Equity Bancshares in a research note on Wednesday, October 12. They set a “buy” rating for the company. Finally, DA Davidson raised his target price on Equity Bancshares to $33.00 in a Friday July 22 research note.

Equity Bancshares Company Profile

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Equity Bancshares, Inc operates as a banking holding company for Equity Bank which provides a range of banking, mortgage banking and financial services to individuals and businesses. The Company accepts various demand, savings, money market and term deposits. Its lending products include commercial and industrial loans, commercial real estate loans, working capital, term financing, equipment, acquisitions, expansions and improvements, loans, real estate construction, home builders, agricultural loans, government guaranteed loans and other loans. products to national and regional companies, restaurant franchises, hoteliers, real estate developers, manufacturing and industrial companies, agri-food companies and other businesses.

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