Hovde’s Equity Research group publishes in-depth analysis of small and mid-cap banks nationwide.
Our analysts have extensive experience, are committed to independent, objective analysis, and utilize their in-depth knowledge of the industry’s driving factors to deliver insightful research and actionable ideas.
Rigorous fundamental analysis is at the heart of our research process. We include a critical evaluation of macro trends affecting the industry, local economic factors, an assessment of management and strategy, valuation, and financial and balance sheet positioning to identify value and investment opportunities. With a focus on smaller companies, we seek to use our disciplined process to recognize misallocations of capital in these often overlooked stocks for the benefit of our investor clients.
We also work closely with our covered companies, many of which are newer to the public sphere and as a result, have had more limited interaction with professional investors. We help our companies to better understand investor expectations, facilitate access to the investment community, and build and maintain these important relationships.
Hovde’s award-winning analysts are sought out for their industry insight and have been frequent contributors to leading publications and media outlets, including The Wall Street Journal, American Banker, S&P Global Market Intelligence, Bloomberg Markets, and CNBC.
Research Coverage
Northeast / Mid-Atlantic
| ACNB | ACNB Corp. |
| AROW | Arrow Financial Corp. |
| AUB | Atlantic Union Bankshares |
| BBT | Beacon Financial Corp. |
| BPRN | Princeton Bancorp. |
| BWFG | Bankwell Financial Group, Inc. |
| CARE | Carter Bankshares |
| CBNA | Chain Bridge Bancorp. |
| CBNK | Capital Bancorp, Inc. |
| CBU | Community Bank System, Inc. |
| CHCO | City Holding Co. |
| CNOB | ConnectOne Bancorp, Inc. |
| CUBI | Customers Bancorp, Inc. |
| FCBC | First Community Bankshares |
| FRBA | First Bank |
| FULT | Fulton Financial Corp. |
| FXNC | First National Corp. |
| HNVR | Hanover Bancorp, Inc. |
| LNKB | LINKBANCORP, Inc. |
| MCB | Metropolitan Bank Holding Corp. |
| MVBF | MVB Financial |
| NBTB | NBT Bancorp, Inc. |
| NWBI | NW Bancshares |
| OBT | Orange County Bancorp |
| OCFC | OceanFirst Financial Corp. |
| ORRF | Orrstown Financial Services, Inc. |
| PFIS | Peoples Financial Services Corp. |
| PFS | Provident Financial Services |
| STBA | S&T Bancorp, Inc. |
| TOWN | TowneBank |
| VLY | Valley National Bancorp |
| WSBC | WesBanco, Inc. |
Southwest
| BOKF | BOK Financial Corporation |
| FFIN | First Financial Bankshares, Inc. |
| PB | Prosperity Bancshares, Inc. |
| SBSI | Southside Bancshares, Inc. |
| SPFI | South Plains Financial, Inc. |
| TCBI | Texas Capital Bancshares, Inc. |
Puerto Rico
| BPOP | Popular, Inc. |
| FBP | First BanCorp. |
| OFG | OFG Bancorp |
Florida
| BKU | BankUnited, Inc. |
| CCBG | Capital City Bank Group, Inc. |
| SBCF | Seacoast Banking Corp. of Florida |
| SSB | SouthState Corporation |
| USCB | USCB Financial Holdings, Inc. |
Alaska
| NRIM | Northrim BanCorp |
Southeast
| BFST | Business First Bancshares, Inc. |
| CADE | Cadence Bank |
| CBAN | Colony Bankcorp, Inc. |
| CBK | Community Bancgroup, Inc. |
| FBK | FB Financial Corp. |
| FCCO | First Community Corp. |
| FSRL | First Reliance Bancshares, Inc. |
| HBCP | Home Bancorp, Inc. |
| HTB | HomeTrust Bancshares, Inc. |
| HOMB | Home BancShares, Inc. |
| HWC | Hancock Whitney |
| ISTR | Investar Holding Corp. |
| PNFP | Pinnacle Financial Partners, Inc. |
| RNST | Renasant Corporation |
| SFBS | ServisFirst Bancshares, Inc. |
| SMBK | SmartFinancial, Inc. |
| TRMK | Trustmark Corporation |
| UCB | Unity Community |
West
| BCML | BayCom Corp. |
| CCB | Coastal Financial Corporation |
| EBMT | Eagle Bancorp Montana, Inc. |
| FNWB | First Northwest Bancorp |
| FINW | FinWise Bancorp |
| MYFW | First Western Financial, Inc. |
| NBHC | National Bank Holdings Corporation |
| RBB | RBB Bancorp |
Midwest
| ALRS | Alerus Financial Corp. |
| BFC | Bank First Corporation |
| BUSE | First Busey Corp. |
| BWB | Bridgewater Bancshares, Inc. |
| BY | Byline Bancorp, Inc. |
| CBSH | Commerce Bancshares Inc. |
| CIVB | Civista Bancshares Inc. |
| COFS | ChoiceOne Financial |
| CZWI | Citizens Community |
| EQBK | Equity Bancshares, Inc. |
| FFBC | First Financial Bancorp |
| FMAO | Farmers & Merchants |
| FMBH | First Mid Bancshares |
| FNWD | Finward Bancorp |
| FRME | First Merchants Corporation |
| FSFG | First Savings Financial Group, Inc. |
| GABC | German American Bancorp, Inc. |
| HBNC | Horizon Bancorp Inc. |
| HBT | HBT Financial, Inc. |
| LCNB | LCNB Corp. |
| LKFN | Lakeland Financial Corp. |
| MBCN | Middlefield Banc Corp. |
| MBWM | Mercantile Bank Corp. |
| MOFG | MidWestOne Financial Group |
| NIC | Nicolet Bankshares, Inc. |
| ONB | Old National Bancorp |
| PEBO | Peoples Bancorp Inc. |
| RBCAA | Republic Bancorp, Inc. |
| SYBT | Stock Yards Bancorp, Inc. |
| UMBF | UMB Financial Corp. |
| WTFC | Wintrust Financial Corporation |