Equity BancShares (EQBK) Sets New 12-Month Low Following Weak Earnings
Equity BancShares Inc (NASDAQ:EQBK) hit a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $25.05 and last traded at $25.29, with a volume of 5935 shares. The stock had previously closed at $29.47.
The bank reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.19). The firm had revenue of $35.96 million for the quarter, compared to analysts’ expectations of $38.61 million. Equity BancShares had a net margin of 19.76% and a return on equity of 9.66%.
EQBK has been the subject of a number of research analyst reports. BidaskClub upgraded Equity BancShares from a “sell” rating to a “hold” rating in a research report on Tuesday, December 25th. ValuEngine upgraded Equity BancShares from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Keefe, Bruyette & Woods lowered Equity BancShares from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $47.00 to $45.00 in a research report on Thursday, January 3rd. Finally, Zacks Investment Research lowered Equity BancShares from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 25th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $44.00.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EQBK. Creative Financial Designs Inc. ADV purchased a new position in Equity BancShares in the first quarter worth about $29,000. Legal & General Group Plc grew its position in Equity BancShares by 25.0% in the fourth quarter. Legal & General Group Plc now owns 2,499 shares of the bank’s stock worth $88,000 after acquiring an additional 500 shares in the last quarter. Great West Life Assurance Co. Can purchased a new position in Equity BancShares in the fourth quarter worth about $89,000. Metropolitan Life Insurance Co. NY grew its position in Equity BancShares by 242.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,251 shares of the bank’s stock worth $150,000 after acquiring an additional 3,008 shares in the last quarter. Finally, Citigroup Inc. grew its position in Equity BancShares by 56.6% in the fourth quarter. Citigroup Inc. now owns 5,460 shares of the bank’s stock worth $192,000 after acquiring an additional 1,973 shares in the last quarter. Institutional investors own 64.50% of the company’s stock.
The stock has a market capitalization of $470.93 million, a P/E ratio of 9.36, a PEG ratio of 1.07 and a beta of 0.43. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.91.
Equity BancShares Company Profile (NASDAQ:EQBK)
Equity Bancshares, Inc operates as a bank holding company for Equity Bank that provides a range of financial services primarily to businesses, business owners, and individuals. The company accepts various deposit products, including demand, savings, money market, and time deposits. Its loan products include commercial and industrial, commercial real estate-backed, commercial lines of credit, working capital, term, equipment financing, acquisition, expansion and development, borrowing base, real estate construction loans, homebuilder, agricultural, government guaranteed, and other loans, as well as letters of credit to national and regional companies, restaurant franchisees, hoteliers, real estate developers, manufacturing and industrial companies, agribusiness companies, and other businesses.
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