Leon Borck, a director at Equity Bancshares Inc . (NASDAQ:NYSE:EQBK), recently acquired 5,600 shares of the company's Class A common stock. The transaction took place on December 4, 2024, at a price of $44.50 per share, totaling approximately $249,200. The shares, now trading at $48.34, have already appreciated since the purchase, reflecting the stock's strong momentum with an impressive 81.2% return over the past year. This acquisition was part of a directed share program, increasing Borck's direct ownership to 17,541 shares. Additionally, Borck holds an indirect interest in 21,036 shares through EDBI, Inc., where he serves as President. The acquisition reflects Borck's ongoing engagement with the bank, headquartered in Wichita, Kansas. According to InvestingPro data, the $822.75M market cap company has maintained a consistent dividend growth track record, having raised its dividend for three consecutive years. For deeper insights into EQBK's valuation and growth prospects, including 8 additional ProTips and comprehensive financial analysis, explore the full Pro Research Report available on InvestingPro.
In other recent news, Equity Bancshares reported a net income of $19.8 million for the third quarter, marking a period of significant loan growth. The bank's adjusted net income, considering merger expenses related to the KansasLand transaction, was $20.2 million. This period also saw Equity Bancshares successfully completing its merger with KansasLand.
In terms of future developments, Equity Bancshares projects mid to high single-digit organic loan growth for 2024 and 2025, underpinned by a robust pipeline of $448 million in loans. The company also anticipates a rebound in public fund deposits and significant deposit growth.
DA Davidson recently revised its assessments of Equity Bancshares, raising the price target to $45.00 from the previous $42.00, while maintaining a Neutral rating on the stock. This revision is based on an improved net interest income outlook, balanced by an expectation of increased core expenses.
For 2024, DA Davidson revised its EPS estimate downward from $3.65 to $3.45, but expressed optimism for 2025, raising its EPS estimate from $3.90 to $4.15. These adjustments reflect evolving expectations for Equity Bancshares' financial performance, suggesting confidence in the bank's potential to grow its earnings and improve its financial metrics in the coming years.
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