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WICHITA, KS – Equity Bancshares Inc . (NYSE:EQBK), a Kansas-based commercial banking institution with a market capitalization of $780 million and impressive 59.5% revenue growth over the last twelve months, announced the appointment of Gregory H. Kossover as Executive Vice President, Capital Markets, effective February 3, 2025. This move marks Kossover’s return to the banking sector following a brief tenure at Vantage Point Properties, Inc. According to InvestingPro, the company currently shows a GOOD overall financial health score, suggesting strong operational fundamentals.
Kossover brings extensive experience to his new role, having previously served as Executive Vice President and Chief Financial Officer at Equity Bancshares from October 2013 to April 2020, before transitioning to Chief Operating Officer until his retirement in May 2023. He has also been a member of the company’s Board of Directors since December 2011. The appointment comes as the company’s stock has shown strong momentum, with a 25.3% price return over the past six months.
In his new position, Kossover will receive a base salary of $400,000, along with the opportunity to earn an annual incentive bonus up to 50% of his base salary, payable in cash. Additionally, he will be granted an equity award with a target date fair value of $250,000, consisting of restricted stock units or stock options, vesting over five years contingent upon continued employment.
Equity Bancshares has confirmed that there are no familial relationships between Kossover and any company directors or executive officers, nor are there any transactions involving Kossover that would necessitate disclosure under SEC regulations. Kossover will also continue to serve on the Board and remain a member of the Risk Committee of the Company and Loan Committee of Equity Bank.
This executive appointment underscores Equity Bancshares’ focus on strengthening its leadership team and capital market operations. The information is based on a press release statement filed with the SEC.
In other recent news, Equity Bancshares reported robust Q4 2024 financial results, surpassing earnings and revenue estimates. The company reported an operating earnings per share (EPS) of $0.97, beating consensus estimates of $0.91. The firm also reported a Q4 EPS of $1.04, exceeding the forecasted $0.91. Revenue outperformed forecasts as well, amounting to $58.29 million against a prediction of $55.96 million.
Analysts at Stephens recently adjusted Equity Bancshares’ price target, lowering it from $52.00 to $49.00, while maintaining an Overweight rating on the stock. This adjustment follows the company’s recent positive EPS results. Despite a slight dip in the company’s stock after the earnings report, Stephens remains optimistic about Equity Bancshares’ future growth and strategic initiatives.
Equity Bancshares has demonstrated financial resilience with nonaccrual loans dropping to 0.77% of total loans and net charge-offs recorded at 0.04% in the last quarter. The company’s familiarity with mergers and acquisitions, having completed twelve acquisitions since its initial public offering in 2015, positions it well in the market. Analysts at Stephens anticipate that Equity Bancshares might announce one or two accretive deals in the coming year.
The return of former executive Greg Kossover was highlighted as a beneficial move for Equity Bancshares, bringing a wealth of experience across various roles within the company. The firm’s internal initiatives aimed at boosting loan and fee income are expected to yield results in 2025.
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