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

ACNBACNB Corporation
AUBAtlantic Union Bankshares Corporation
BHLBBerkshire Hills Bancorp, Inc.
BRKLBrookline Bancorp, Inc.
BWFGBankwell Financial Group, Inc.
CBNKCapital Bancorp, Inc.
CBUCommunity Bank System, Inc.
CNOBConnectOne Bancorp, Inc.
CUBICustomers Bancorp, Inc.
EVBNEvans Bancorp, Inc.
FISIFinancial Institutions, Inc.
FRBAFirst Bank
FULTFulton Financial Corporation
MCBMetropolitan Bank Holding Corp.
OCFCOceanFirst Financial Corp.
ORRFOrrstown Financial Services, Inc.
PGCPeapack-Gladstone Financial Corp.
PFISPeoples Financial Services Corp.
VLYValley National Bancorp
WNEBWestern New England Bancorp


BOKFBOK Financial Corporation
BFSTBusiness First Bancshares, Inc.
FFINFirst Financial Bankshares, Inc.
IBTXIndependent Bank Group, Inc.
ISTRInvestar Holding Corporation
PBProsperity Bancshares, Inc.
SPFISouth Plains Financial, Inc.
SBSISouthside Bancshares, Inc.
TCBITexas Capital Bancshares, Inc.
VBTXVeritex Holdings, Inc.
ZIONZions Bancorporation, N.A.

Puerto Rico

BPOPPopular, Inc.
FBPFirst BanCorp.
OFGOFG Bancorp


BKUBankUnited, Inc.
CCBGCapital City Bank Group, Inc.
SBCFSeacoast Banking Corp. of Florida
SSBSouthState Corporation


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

Business Development Companies

ARCCAres Capital Corp.
CSWCCapital Southwest Corporation
CIONCion Investment Corporation
FDUSFidus Investment Corporation
FSKFS KKR Capital Corp.
MAINMain Street Capital Corp.
NMFCNew Mountain Finance Corporation
OCSLOaktree Specialty Lending Corporation
OBDCBlue Owl Capital Corporation
RWAYRunway Growth Finance Corp.
SARSaratoga Investment Corp.
SLRCSLR Investment Corp.
SCMStellus Capital Investment Corp.
TSLXSixth Street Specialty Lending, Inc.
WHFWhiteHorse Finance, Inc.


BCMLBayCom Corp.
CALBCalifornia BanCorp
CCBCoastal Financial Corporation
CVBFCVB Financial Corp.
EBMTEagle Bancorp Montana, Inc.
FNWBFirst Northwest Bancorp
MYFWFirst Western Financial, Inc.
NBHCNational Bank Holdings Corporation
PROVProvident Financial Holdings, Inc.
RBBRBB Bancorp
BSRRSierra Bancorp
SBTSterling Bancorp, Inc.
WALWestern Alliance Bancorporation


ALRSAlerus Financial Corp.
BFCBank First Corporation
BWBBridgewater Bancshares, Inc.
BYByline Bancorp, Inc.
CZWICitizens Community Bancorp, Inc.
CIVBCivista Bancshares, Inc.
EQBKEquity Bancshares, Inc.
INBKFirst Internet Bancorp
FNWDFinward Bancorp
FRMEFirst Merchants Corporation
FMBHFirst Mid Bancshares, Inc.
FSFGFirst Savings Financial Group, Inc.
GABCGerman American Bancorp, Inc.
IBCPIndependent Bank Corporation
MCBCMacatawa Bank Corporation
MBWMMercantile Bank Corporation
MOFGMidWestOne Financial Group, Inc.
MBCNMiddlefield Banc Corp.
NICNicolet Bankshares, Inc.
ONBOld National Bancorp
PEBOPeoples Bancorp Inc.
RBCAARepublic Bancorp, Inc.
SYBTStock Yards Bancorp, Inc.
WTFCWintrust Financial Corporation