Hovde Group
Hovde Group, LLC
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.
Company history
Donald Hovde, a former HUD undersecretary and Federal Home Loan Bank Board member, founded Hovde Financial in Washington, D.C., in 1987 with his son Eric; son Steven opened a Chicago office, now the firm's base, in 1988, and broker-dealer Hovde Securities followed in 1989. The two businesses became Hovde Group in 2013. An expansion begun in 2014 added equity research and trading, and specialty-finance advisory followed in 2017.
- 1987Donald and Eric Hovde found Hovde Financial in Washington
- 1988Steven Hovde opens Chicago office, later the firm's base
- 1989Forms broker-dealer Hovde Securities LLC
- 2013Hovde Financial and Hovde Securities combine as Hovde Group
- 2014Adds equity research and trading platform
- 2017Launches specialty finance advisory practice
Research
Hovde's research group covers more than 100 small- and mid-cap banks as of 2026, organized by region across the Northeast and Mid-Atlantic, Midwest, Southeast, Southwest, West, Florida, Alaska and Puerto Rico; many are newer public companies with limited investor exposure. Ratings are Outperform, Market Perform and Underperform over 12 months.
Coverage12M
- Stocks
- 38
- Ratings
- 33
- Price targets
- 40
- Median upside
- +12.1%
- Upgrades
- 7
- Downgrades
- 10
- Initiations
- 9
- Reiterations
- 7
- Targets raised
- 10
- Targets cut
- 1
- Positive43%12
- Neutral57%16
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SYBTStock Yards Bancorp, Inc. | Market Perform | $90 |
 PNFPPinnacle Financial Partners, Inc. | Outperform | $125 |
 BOKFBOK Financial Corporation | Market Perform | $143 |
 CARECarter Bankshares, Inc. | Market Perform | $34.50 |
 LKFNLakeland Financial Corporation | Market Perform | $72 |
 EBCEastern Bankshares, Inc. | Outperform | $26 |
 FFINFirst Financial Bankshares, Inc. | Market Perform | $36 |
 HBTHBT Financial, Inc. | Outperform | $44 |
 INBKFirst Internet Bancorp | Outperform | $29 |
 NBHCNational Bank Holdings Corporation | Market Perform | $43 |
Analysts24M
- Brendan NosalSYBT · CIVB · BY11
- Brett RabatinCCB · FFIN · INBK6
- Feddie StricklandBFST · CARE · EBC3
- David BishopFUNC · RNST · STBA3
- Ed NajarianFFIN · HOMB2
- Market PerformLNKB1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
 First Horizon CorporationFHN | Initiate | Market Perform | $25 | Sep 17 |
| Pinnacle Financial Partners, Inc.PNFP | Initiate | Outperform | $106 →$125 | Sep 16 |
 Camden National CorporationCAC | Initiate | Market Perform | Sep 15 | |
| BOK Financial CorporationBOKF | Initiate | Market Perform | $129 →$143 | Sep 11 |
| First Financial Bankshares, Inc.FFIN | Initiate | Market Perform | $39 →$36 | Sep 11 |
| NRNorthrim BanCorp, Inc.NRIM | Initiate | Outperform | $30 | Sep 8 |
| HOHome Bancshares, Inc.HOMB | Target | $34 | Sep 8 |
Similar coverage12M
References
- History - Hovde Grouphovdegroup.com
- Equity Research Overview - Hovde Grouphovdegroup.com
- Management - Hovde Grouphovdegroup.com
- Ed Najarian - Hovde Grouphovdegroup.com
- Hovde Group Industry Note (rating definitions)resources.gabankers.com