Equity Research

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

CBNKCapital Bancorp, Inc.
CBUCommunity Bank System, Inc.
CUBICustomers Bancorp, Inc.
EVBNEvans Bancorp, Inc.
FISIFinancial Institutions, Inc.
FRBAFirst Bank
FULTFulton Financial Corporation
NFBKNorthfield Bancorp, Inc.
OCFCOceanFirst Financial Corp.
ORRFOrrstown Financial Services, Inc.
PGCPeapack-Gladstone Financial Corp.
VLYValley National Bancorp
WNEBWestern New England Bancorp


BOKFBOK Financial Corporation
BFSTBusiness First Bancshares, Inc.
FFINFirst Financial Bankshares, Inc.
MYFWFirst Western Financial, Inc.
IBTXIndependent Bank Group, Inc.
ISTRInvestar Holding Corporation
NBHCNational Bank Holdings Corporation
PBProsperity Bancshares, Inc.
SBSISouthside Bancshares, Inc.
TCBITexas Capital Bancshares, Inc.
VBTXVeritex Holdings, Inc.
FCCOFirst Community Corp.


BKUBankUnited, Inc.
CADECadence Bank
CCBGCapital City Bank Group, Inc.
PFHDProfessional Holding Corp.
SBCFSeacoast Banking Corp. of Florida
SSBSouth State Corporation

South East

CSTRCapStar Financial Holdings
CHCOCity Holding Company
CBANColony Bankcorp, Inc.
FBKFB Financial Corporation
FCCOFirst Community Corporation
FHNFirst Horizon National Corporation
FSRLFirst Reliance Bancshares, Inc.
HWCHancock Whitney Corporation
HOMBHome BancShares, Inc.
MCBSMetroCity Bankshares, Inc.
MVBFMVB Financial Corp.
PNFPPinnacle Financial Partners, Inc.
RNSTRenasant Corporation
SFBSServisFirst Bancshares, Inc.
SMBKSmartFinancial, Inc.
FMBSThe First Bancshares, Inc.
TRMKTrustmark Corporation
UCBIUnited Community Banks, Inc.
WSBCWesBanco, Inc.

Business Development Companies

CSWCCapital Southwest Corporation
FDUSFidus Investment Corporation
FSKFS KKR Capital Corp.
NMFCNew Mountain Finance Corporation
OCSLOaktree Specialty Lending Corporation
RWAYRunway Growth Finance Corp.
SARSaratoga Investment Corp.
SLRCSLR Investment Corp.
SCMStellus Capital Investment Corp.
WHFWhiteHorse Finance, Inc.


BCMLBayCom Corp.
CALBCalifornia BanCorp
CCBCoastal Financial Corporation
CVBFCVB Financial Corp.
EBMTEagle Bancorp Montana, Inc.
PROVProvident Financial Holdings, Inc.
RBBRBB Bancorp
BSRRSierra Bancorp


BFCBank First Corporation
BYByline Bancorp, Inc.
CZWICitizens Community Bancorp, Inc.
CIVBCivista Bancshares, Inc.
INBKFirst Internet Bancorp
FRMEFirst Merchants Corporation
FHBMFirst Mid Bancshares, Inc.
GABCGerman American Bancorp, Inc.
IBCPIndependent Bank Corporation
MCBCMacatawa Bank Corporation
MBWMMercantile Bank Corporation
NCBSNicolet Bankshares, Inc.
ONBOld National Bancorp
PEBOPeoples Bancorp Inc.
RBCAARepublic Bancorp, Inc.
SBTSterling Bancorp, Inc
WTFCWintrust Financial Corporation