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

SBNYSignature Bank
VLYValley National Bancorp
FULTFulton Financial Group
STLSterling Bancorp
CBUCommunity Bank System Inc.
OCFCOceanFirst Financial Corp.
EBSBMeridian Bancorp Inc.
BDGEBridge Bancorp Inc.
BMTCBryn Mawr Bank Corporation
PGCPeapack-Gladstone Financial
FISIFinancial Institutions Inc.
NFBKNorthfield Bancorp Inc.
ORRFOrrstown Financial Services, Inc.
EVBNEvans Bancorp Inc.
FRBAFirst Bank
CBNKCapital Bancorp, Inc.

South Atlantic

SNVSynovus Financial Corp.
FHNFirst Horizon National Corp.
PNFPPinnacle Financial Partners
WSBCWesBanco, Inc.
UCBIUnited Community Banks Inc.
CHCOCity Holding Company
SMBKSmartFinancial Inc.
MVBFMVB Financial Corp.
RBNCReliant Bancorp Inc.
CBANColony Bankcorp, Inc.
MCBSMetroCity Bankshares, Inc.
FCCOFirst Community Corp.


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

Gulf South

HWCHancock Whitney Corp.
BXSBancorpSouth Bank
TRMKTrustmark Corp.
HOMBHome BancShares Inc.
RNSTRenasant Corp.
SFBSServisFirst Bancshares Inc.
BFSTBusiness First Bancshares Inc.
ISTRInvestar Holding Corp.

South Central

BOKFBOK Financial Corp.
TCBITexas Capital Bancshares Inc.
PBProsperity Bancshares Inc.
IBTXIndependent Bank Group Inc.
FFINFirst Financial Bankshares
SBSISouthside Bancshares Inc.


UMPQUmpqua Holdings Corp.
CVBFCVB Financial Corp.
NBHCNational Bank Holdings Corp.
BSRRSierra Bancorp
BCMLBayCom Corp.
PMBCPacific Mercantile Bancorp
PROVProvident Financial Holdings
FCBP First Choice Bancorp
MYFWFirst Western Financial Inc.
CALBCalifornia BanCorp
CCB Coastal Financial Corp.
EBMTEagle Bancorp Montana, Inc.
AMRBAmerican River Bankshares


WTFCWintrust Financial Corp.
ONBOld National Bancorp
FRMEFirst Merchants Corp.
RBCA.ARepublic Bancorp Inc.
PEBOPeoples Bancorp Inc.
GABCGerman American Bancorp Inc.
FMBHFirst Mid Bancshares
MBWMMercantile Bank Corp.
IBCPIndependent Bank Corp.
INBKFirst Internet Bancorp
NCBSNicolet Bankshares Inc.
BFCBank First National Corp.
MCBCMacatawa Bank Corp.
CIVBCivista Bancshares Inc.
ICBKCounty Bancorp Inc.
MFNCMackinac Financial Corp.
CZWICitizens Community Bancorp, Inc.