WICHITA, KS – Gregory L. Gaeddert, a director of Equity Bancshares Inc . (NASDAQ:NYSE:EQBK), recently sold 6,000 shares of the company's Class A Common Stock at a price of $40.99 per share, totaling over $245,940. The transaction, which took place on July 23, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission.
After the sale, Gaeddert continues to hold a significant number of shares, with 17,167 shares remaining in his direct possession. Additionally, he has an indirect stake through D&G Investments LLC, which holds 18,000 shares of Equity Bancshares Inc. It should be noted that Gaeddert has disclaimed beneficial ownership of the shares held by D&G Investments LLC, except to the extent of his pecuniary interest, as stated in the filing's footnotes.
The transaction comes as part of the regular financial disclosures required by directors and executives of publicly traded companies. Such sales and purchases are closely watched by investors as they may provide insights into the insiders' perspective on the company's performance and future.
Equity Bancshares Inc., based in Wichita, Kansas, operates as the bank holding company for Equity Bank, which provides a range of financial services to individual and corporate customers in the region.
Investors and stakeholders of Equity Bancshares Inc. can continue to monitor these disclosures for any further developments in insider transactions.
In other recent news, Equity Bancshares has reported a robust Q2 performance with a net income of $11.7 million, or $0.76 per diluted share. When adjusted for non-recurring items, the net income rose to $15.2 million, or $0.99 per diluted share. The company successfully integrated the Bank of Kirksville merger and completed the acquisition of KansasLand Bancshares, demonstrating a strong M&A focus.
This period also marked the Wealth Management division's best revenue quarter in over three years. Equity Bancshares is planning to maintain its M&A momentum while remaining disciplined in opportunity assessment. The company anticipates mid-single-digit loan growth for the second half of the year, and is considering share buybacks, with the potential use of stock in M&A transactions if the stock price remains favorable.
These are recent developments that highlight the company's commitment to strategic growth and shareholder return. As part of their future expectations, Equity Bancshares foresees continued momentum in M&A with ongoing discussions, and a projected year-end tax rate between 20% and 22%. The company's strategy includes maintaining a well-capitalized position and a clear plan for the future in the competitive banking sector.
InvestingPro Insights
Equity Bancshares Inc. (NASDAQ:EQBK) has recently been in the spotlight due to insider activity, with director Gregory L. Gaeddert selling a substantial number of shares. As investors look to understand the implications of such moves, certain metrics and trends from InvestingPro can provide valuable context.
InvestingPro Data reveals that Equity Bancshares Inc. boasts a market capitalization of $632.33 million, indicating a solid presence in the market. While the company trades at a high earnings multiple with a P/E ratio of 65.51, it's noteworthy that analysts have revised their earnings upwards for the upcoming period, suggesting potential for growth and a positive outlook on profitability.
The company has also demonstrated an impressive performance with a 1-year price total return of 53.99%, trading near its 52-week high. This robust return is complemented by a strong 1-month price total return of 20.81%, which aligns with an InvestingPro Tip highlighting the company's strong return over the last month.
An additional InvestingPro Tip worth noting is that Equity Bancshares has raised its dividend for 3 consecutive years, with a dividend yield currently at 1.19%. Such consistent dividend growth, which stands at 20.0% for the last twelve months, can be particularly attractive to income-focused investors.
For those looking to delve deeper into Equity Bancshares Inc.'s performance and potential, InvestingPro offers a wealth of additional tips. In fact, there are 11 more InvestingPro Tips available, which could provide further insights into the company's financial health and future prospects. Interested readers can access these valuable tips by visiting the InvestingPro site and using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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