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
| AUB | Atlantic Union Bankshares Corporation |
| BHLB | Berkshire Hills Bancorp, Inc. |
| CBNK | Capital Bancorp, Inc. |
| CBU | Community Bank System, Inc. |
| CUBI | Customers Bancorp, Inc. |
| FISI | Financial Institutions, Inc. |
| FRBA | First Bank |
| FULT | Fulton Financial Corporation |
| OCFC | OceanFirst Financial Corp. |
| ORRF | Orrstown Financial Services, Inc. |
| PGC | Peapack-Gladstone Financial Corp. |
| VLY | Valley National Bancorp |
| WNEB | Western New England Bancorp |
Southwest
| BOKF | BOK Financial Corporation |
| BFST | Business First Bancshares, Inc. |
| FFIN | First Financial Bankshares, Inc. |
| IBTX | Independent Bank Group, Inc. |
| ISTR | Investar Holding Corporation |
| PB | Prosperity Bancshares, Inc. |
| SBSI | Southside Bancshares, Inc. |
| TCBI | Texas Capital Bancshares, Inc. |
| VBTX | Veritex Holdings, 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 |
Southeast
| CADE | Cadence Bank |
| CSTR | CapStar Financial Holdings, Inc. |
| CHCO | City Holding Company |
| CBAN | Colony Bankcorp, Inc. |
| FBK | FB Financial Corporation |
| FCCO | First Community Corporation |
| FSRL | First Reliance Bancshares, Inc. |
| HWC | Hancock Whitney Corporation |
| HBCP | Home Bancorp, Inc. |
| HOMB | Home BancShares, Inc. |
| MCBS | MetroCity Bankshares, Inc. |
| MVBF | MVB Financial Corp. |
| PNFP | Pinnacle Financial Partners, Inc. |
| RNST | Renasant Corporation |
| SFBS | ServisFirst Bancshares, Inc. |
| SMBK | SmartFinancial, Inc. |
| FMBS | The First Bancshares, Inc. |
| TRMK | Trustmark Corporation |
| UCBI | United Community Banks, Inc. |
| WSBC | WesBanco, Inc. |
Business Development Companies
| ARCC | Ares Capital Corp. |
| CSWC | Capital Southwest Corporation |
| FDUS | Fidus Investment Corporation |
| FSK | FS KKR Capital Corp. |
| MAIN | Main Street Capital Corp. |
| NMFC | New Mountain Finance Corporation |
| OCSL | Oaktree Specialty Lending Corporation |
| ORCC | Owl Rock Capital Corp. |
| RWAY | Runway Growth Finance Corp. |
| SAR | Saratoga Investment Corp. |
| SLRC | SLR Investment Corp. |
| SCM | Stellus Capital Investment Corp. |
| TSLX | Sixth Street Specialty Lending, Inc. |
| WHF | WhiteHorse Finance, Inc. |
West
| BCML | BayCom Corp. |
| CALB | California BanCorp |
| CCB | Coastal Financial Corporation |
| CVBF | CVB Financial Corp. |
| EBMT | Eagle Bancorp Montana, Inc. |
| FNWB | First Northwest Bancorp |
| MYFW | First Western Financial, Inc. |
| NBHC | National Bank Holdings Corporation |
| PROV | Provident Financial Holdings, Inc. |
| RBB | RBB Bancorp |
| BSRR | Sierra Bancorp |
| SBT | Sterling Bancorp, Inc. |
| WAL | Western Alliance Bancorporation |
Midwest
| ALRS | Alerus Financial Corp. |
| BFC | Bank First Corporation |
| BWB | Bridgewater Bancshares, Inc. |
| BY | Byline Bancorp, Inc. |
| CZWI | Citizens Community Bancorp, Inc. |
| CIVB | Civista Bancshares, Inc. |
| EQBK | Equity Bancshares, Inc. |
| INBK | First Internet Bancorp |
| FNWD | Finward Bancorp |
| FRME | First Merchants Corporation |
| FMBH | First Mid Bancshares, Inc. |
| FSFG | First Savings Financial Group, Inc. |
| GABC | German American Bancorp, Inc. |
| IBCP | Independent Bank Corporation |
| MCBC | Macatawa Bank Corporation |
| MBWM | Mercantile Bank Corporation |
| NIC | Nicolet Bankshares, Inc. |
| ONB | Old National Bancorp |
| PEBO | Peoples Bancorp Inc. |
| RBCAA | Republic Bancorp, Inc. |
| SYBT | Stock Yards Bancorp, Inc. |
| WTFC | Wintrust Financial Corporation |