Brean Capital has initiated research coverage on Equity Bancshares (NYSE: EQBK) and assigned a Neutral rating with a $52.00 price target. At the time of the coverage initiation, the shares were trading at $47.26 and carried a price-to-earnings ratio of 38.42, a figure the firm characterizes as meaningfully above peer averages.
The launch of coverage by Brean Capital comes in the wake of the firm's acquisition of Janney Montgomery Scott's Banking and Insurance capital markets teams on January 30. In its published work, Brean lays out fiscal-year earnings per share projections of $4.94 for 2026 and $5.24 for 2027. Those estimates sit slightly below current consensus figures of about $5.01 for FY26 and $5.32 for FY27.
Brean's note records that five analysts have recently reduced their earnings forecasts for Equity Bancshares, though the company’s net income is still expected to grow during the current year. The $52.00 price target is derived from two valuation anchors: a multiple of 10.5 times Brean’s FY26 EPS estimate and a valuation equal to 158% of current tangible book value - roughly 145% of projected tangible book value at year-end 2026.
At present, Equity Bancshares trades at 1.24 times book value and carries a market capitalization of $890.41 million. Brean compares its selected metrics to peer medians for similarly sized banks - those with $5 billion to $10 billion in assets - noting peer medians of approximately 10.7 times earnings and 148% of tangible book value.
Equity Bancshares’ recent market performance and capital return profile figure in Brean’s analysis. The stock has generated a 28.94% price return over the past six months and has increased its dividend for five straight years. The current dividend yield stands at 1.52%.
Recent operating and analyst developments
In its most recent quarterly disclosure, Equity Bancshares reported fourth-quarter 2025 earnings per share of $1.15, ahead of the $0.88 forecast and representing a 30.68% beat versus that projection. Revenue for the quarter was $73.03 million, which missed the $75.03 million that had been anticipated.
Following those results, DA Davidson raised its price target on Equity Bancshares to $52 while maintaining a Neutral rating. DA Davidson’s action followed the company reporting core earnings per share of $1.21 - a result that was below DA Davidson’s internal estimate but above the consensus estimate. Keefe, Bruyette & Woods likewise increased its price target to $49 and kept a Market Perform rating after the company reported operating earnings of $1.20 per share; that operating result exceeded expectations despite slightly weaker pre-provision net revenue.
On the corporate governance front, long-serving director Randee R. Koger disclosed her intention to retire following the 2026 Annual Meeting of Stockholders. Koger has served on the Equity Bancshares board since 2003 and will remain in her current roles until her retirement.
The confluence of a new sell-side coverage initiation, recent quarterly beats and misses, dividend history, and a board-level retirement collectively frame the current investor view of Equity Bancshares. Brean Capital’s valuation assumptions and peer comparisons provide the basis for its Neutral stance and $52.00 target.