Hovde Group
Hovde Group is a Chicago-based boutique investment bank and broker-dealer focused on the financial services sector. It is known for equity research on small- and mid-cap regional and community banks, alongside bank M&A advisory, capital raising and market-making in bank stocks.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 3812M
- Actions
- 7312M
- Ratings / Price targets
- 33 / 40
- Upgrades / Downgrades
- 7 / 10
- Initiations
- 9
- Buy-rated
- 43%of 28 rated
- Median upside
- +12.1%
- Targets raised / lowered
- 10 / 1
- On record
- Jan 2016 – Sep 2026
Overview
As of 2026, Hovde's research group covers more than 100 small- and mid-cap banks. Analysts are organized geographically, covering the Northeast and Mid-Atlantic, Midwest, Southeast, Southwest, West, Florida, Alaska and Puerto Rico. Many of the banks have listed relatively recently and have limited visibility among investors. Hovde says it helps these banks understand investor expectations and connect with investors. Its traders make markets primarily in financial stocks with limited investor followings.
Donald Hovde, a former undersecretary of the U.S. Department of Housing and Urban Development and member of the Federal Home Loan Bank Board, founded Hovde Financial in Washington, D.C., in 1987 with his son Eric. Another son, Steven, opened the Chicago office in 1988; it is now the firm's headquarters. Broker-dealer Hovde Securities followed in 1989, and the two businesses combined as Hovde Group in 2013. An expansion that began in 2014 added equity research and trading, followed by specialty-finance advisory in 2017.
Milestones
- 1987
Donald and Eric Hovde found Hovde Financial in Washington
- 1988
Steven Hovde opens Chicago office, later the firm's base
- 1989
Forms broker-dealer Hovde Securities LLC
- 2013
Hovde Financial and Hovde Securities combine as Hovde Group
- 2014
Adds equity research and trading platform
- 2017
Launches specialty finance advisory practice
Firm facts
- Legal name
- Hovde Group, LLC
- Type
- Boutique
- Founded
- 1987
- Headquarters
- Chicago, United States
- Chief Executive Officer
- Kirk Hovde
- Director of Research
- Ed Najarian
- Rating scale
- OutperformMarket PerformUnderperform12 months
- Website
- hovdegroup.com
Research philosophy
With a focus on smaller companies, we seek to use our disciplined process to recognize misallocations of capital in these often overlooked stocks for the benefit of our investor clients.
Hovde Group says fundamental analysis is at the heart of its research, weighing industry and local economic trends, management and strategy, valuation and balance sheets. The firm attributes its insight to its history as owners, operators, directors and advisers of financial companies.
Rating methodology
Ratings are Outperform, Market Perform and Underperform over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Stock Yards Bancorp, Inc.SYBT | Market Perform | $90 |
 Pinnacle Financial Partners, Inc.PNFP | Outperform | $125 |
 BOK Financial CorporationBOKF | Market Perform | $143 |
 Carter Bankshares, Inc.CARE | Market Perform | $34.50 |
 Lakeland Financial CorporationLKFN | Market Perform | $72 |
 Eastern Bankshares, Inc.EBC | Outperform | $26 |
 First Financial Bankshares, Inc.FFIN | Market Perform | $36 |
 HBT Financial, Inc.HBT | Outperform | $44 |
 First Internet BancorpINBK | Outperform | $29 |
 National Bank Holdings CorporationNBHC | Market Perform | $43 |
Most active analysts
- Brendan Nosal11 notesSYBTCIVBBY
- Brett Rabatin6 notesCCBFFININBK
- Feddie Strickland3 notesBFSTCAREEBC
- David Bishop3 notesFUNCRNSTSTBA
- Ed Najarian2 notesFFINHOMB
- Market Perform1 notesLNKB
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 17 |  First Horizon CorporationFHN | Initiate | Market Perform | $25 | |
| Sep 16 | Pinnacle Financial Partners, Inc.PNFP | Initiate | Outperform | $106 →$125 | |
| Sep 15 |  Camden National CorporationCAC | Initiate | Market Perform | ||
| Sep 11 | BOK Financial CorporationBOKF | Initiate | Market Perform | $129 →$143 | |
| Sep 11 | First Financial Bankshares, Inc.FFIN | Initiate | Market Perform | $39 →$36 | Ed Najarian |
| Sep 8 | NRNorthrim BanCorp, Inc.NRIM | Initiate | Outperform | $30 | |
| Sep 8 | HOHome Bancshares, Inc.HOMB | Target | $34 | Ed Najarian |