Ratings by Hovde Group (Brendan Nosal)
| Date | Company | Symbol | Type | Rating (Past) |
PT (Past) |
Start $ (End $) |
% Chg. | Details |
|---|---|---|---|---|---|---|---|---|
| 10/12/2026 | First Financial Corp. | THFF | New Coverage | Outperform (N/A) |
72.79 (74.15) |
1.87% | Details | |
| 10/9/2026 | Independent Bank | IBCP | Upgrade | Outperform (Market Perform) |
35.76 (35.60) |
-0.45% | Details | |
| 10/9/2026 | Citizens Community Bancorp | CZWI | Downgrade | Market Perform (Outperform) |
21.41 (21.22) |
-0.89% | Details | |
| 10/5/2026 | Southern Missouri Bancorp | SMBC | New Coverage | Market Perform (N/A) |
72.59 (70.18) |
-3.32% | Details | |
| 7/30/2026 | SY Bancorp | SYBT | Downgrade | Market Perform (Outperform) |
88.03 (76.69) |
-12.88% | Details | |
| 7/22/2026 | Mercantile Bank Corporation | MBWM | Downgrade | Market Perform (Outperform) |
59.68 (58.61) |
-1.79% | Details | |
| 7/10/2026 | Independent Bank | IBCP | Upgrade | Outperform (Market Perform) |
35.50 (35.60) |
0.28% | Details | |
| 7/10/2026 | Citizens Community Bancorp | CZWI | Downgrade | Market Perform (Outperform) |
23.03 (21.22) |
-7.86% | Details | |
| 6/16/2026 | RBB Bancorp | RBB | Upgrade | Outperform (Market Perform) |
25.00 (25.75) |
3% | Details | |
| 4/27/2026 | Citizens Community Bancorp | CZWI | Maintain | Outperform (N/A) |
|
Details | ||
| 4/21/2026 | Mercantile Bank Corporation | MBWM | Maintain | Outperform (N/A) |
|
Details | ||
| 3/6/2026 | SY Bancorp | SYBT | Upgrade | Outperform (Market Perform) |
64.50 (88.03) |
36.48% | Details | |
| 1/7/2026 | Lakeland Financial | LKFN | Downgrade | Market Perform (Outperform) |
57.58 (58.00) |
0.73% | Details | |
| 1/7/2026 | ChoiceOne Financial Services | COFS | Downgrade | Market Perform (Outperform) |
29.43 (33.10) |
12.47% | Details | |
| 1/7/2026 | Alerus Financial Corp. | ALRS | Downgrade | Market Perform (Outperform) |
23.37 (31.34) |
34.1% | Details | |
| 10/6/2025 | Commerce Bancshares | CBSH | New Coverage | Outperform (N/A) |
59.17 (55.69) |
-5.88% | Details | |
| 10/6/2025 | UMB Financial | UMBF | New Coverage | Outperform (N/A) |
119.50 (131.10) |
9.71% | Details | |
| 8/19/2025 | First Financial Bancorp | FFBC | New Coverage | Outperform (N/A) |
24.68 (31.48) |
27.55% | Details | |
| 8/18/2025 | Civista Bancshares | CIVB | Downgrade | Market Perform (Outperform) |
20.01 (26.85) |
34.18% | Details | |
| 7/9/2025 | Old National Bancorp | ONB | Maintain | Outperform (N/A) |
|
Details | ||
| 7/9/2025 | HBT Financial | HBT | Maintain | Outperform (N/A) |
|
Details | ||
| 7/9/2025 | Horizon Bancorp | HBNC | Maintain | Outperform (N/A) |
|
Details | ||
| 7/9/2025 | German American Bancorp Inc. | GABC | Maintain | Outperform (N/A) |
|
Details | ||
| 7/9/2025 | First Mid-Illinois Bancshares | FMBH | Maintain | Outperform (N/A) |
|
Details | ||
| 6/30/2025 | First Busey | BUSE | New Coverage | Market Perform (N/A) |
23.22 (29.43) |
26.74% | Details | |
| 5/6/2025 | Lakeland Financial | LKFN | Upgrade | Outperform (Market Perform) |
59.22 (58.00) |
-2.06% | Details | |
| 5/6/2025 | HBT Financial | HBT | Upgrade | Outperform (Market Perform) |
23.57 (35.58) |
50.95% | Details | |
| 5/6/2025 | First Savings Financial Group | FSFG | Upgrade | Outperform (Market Perform) |
27.50 (33.98) |
23.56% | Details | |
| 5/6/2025 | Bank First National Corp. | BFC | Upgrade | Outperform (Market Perform) |
114.52 (147.70) |
28.97% | Details | |
| 3/27/2025 | HBT Financial | HBT | New Coverage | Market Perform (N/A) |
22.73 (35.58) |
56.53% | Details | |
| 3/25/2025 | Alerus Financial Corp. | ALRS | Maintain | Outperform (N/A) |
|
Details | ||
| 3/21/2025 | Lakeland Financial | LKFN | New Coverage | Market Perform (N/A) |
60.80 (58.00) |
-4.61% | Details | |
| 3/17/2025 | Finward Bancorp | FNWD | Downgrade | Market Perform (Outperform) |
29.45 (41.93) |
42.38% | Details | |
| 3/10/2025 | ChoiceOne Financial Services | COFS | New Coverage | Outperform (N/A) |
30.61 (33.10) |
8.13% | Details | |
| 2/12/2025 | BayCom | BCML | Downgrade | Market Perform (Outperform) |
29.09 (31.15) |
7.08% | Details | |
| 1/31/2025 | First Merchants | FRME | Upgrade | Outperform (Market Perform) |
42.71 (39.60) |
-7.28% | Details | |
| 1/22/2025 | Mercantile Bank Corporation | MBWM | Upgrade | Outperform (Market Perform) |
46.76 (58.61) |
25.34% | Details | |
| 12/20/2024 | LCNB Corp. | LCNB | New Coverage | Market Perform (N/A) |
15.91 (18.88) |
18.67% | Details | |
| 11/13/2024 | Republic Bancorp | RBCAA | Downgrade | Market Perform (Outperform) |
78.12 (92.39) |
18.27% | Details | |
| 10/29/2024 | Civista Bancshares | CIVB | Upgrade | Outperform (Market Perform) |
18.50 (20.01) |
8.16% | Details | |
| 8/12/2024 | First Merchants | FRME | New Coverage | Market Perform (N/A) |
35.70 (39.60) |
10.92% | Details | |
| 7/15/2024 | RBB Bancorp | RBB | New Coverage | Market Perform (N/A) |
19.67 (25.00) |
27.1% | Details | |
| 7/5/2024 | Eagle Bancorp Montana | EBMT | New Coverage | Market Perform (N/A) |
12.95 (20.97) |
61.93% | Details | |
| 5/16/2024 | Alerus Financial Corp. | ALRS | Upgrade | Outperform (Market Perform) |
19.73 (31.34) |
58.84% | Details | |
| 4/5/2024 | Farmers & Merchants Bancorp | FMAO | New Coverage | Market Perform (N/A) |
21.35 (35.32) |
65.43% | Details | |
| 4/1/2024 | Peoples Bancorp | PEBO | New Coverage | Market Perform (N/A) |
29.61 (36.72) |
24.01% | Details | |
| 4/1/2024 | Middlefield Banc | MBCN | New Coverage | Market Perform (N/A) |
23.88 (33.67) |
41% | Details | |
| 4/1/2024 | Premier Financial Corp. | PFC | Upgrade | Outperform (Market Perform) |
20.30 (28.04) |
38.13% | Details | |
| 4/1/2024 | Civista Bancshares | CIVB | New Coverage | Market Perform (N/A) |
15.38 (26.85) |
74.58% | Details | |
| 3/4/2024 | Republic Bancorp | RBCAA | New Coverage | Outperform (N/A) |
48.50 (92.39) |
90.49% | Details | |
| 3/4/2024 | MidWest One Financial | MOFG | New Coverage | Market Perform (N/A) |
22.63 (49.31) |
117.9% | Details | |
| 3/4/2024 | Mercantile Bank Corporation | MBWM | New Coverage | Market Perform (N/A) |
36.38 (58.61) |
61.11% | Details | |
| 3/4/2024 | Independent Bank | IBCP | New Coverage | Market Perform (N/A) |
24.35 (35.50) |
45.79% | Details | |
| 3/4/2024 | Bank First National Corp. | BFC | New Coverage | Market Perform (N/A) |
85.03 (147.70) |
73.7% | Details | |
| 3/4/2024 | SY Bancorp | SYBT | New Coverage | Outperform (N/A) |
45.12 (64.50) |
42.95% | Details | |
| 3/4/2024 | Nicolet Bankshares | NIC | New Coverage | Outperform (N/A) |
78.98 (163.80) |
107.39% | Details | |
| 3/4/2024 | Citizens Community Bancorp | CZWI | New Coverage | Outperform (N/A) |
11.55 (23.03) |
99.39% | Details | |
| 3/4/2024 | Bridgewater Bancshares Inc. | BWB | New Coverage | Outperform (N/A) |
11.75 (20.60) |
75.32% | Details |
