Quantum quench dynamics is considered in a one dimensional unitary matrix model with a single trace potential. This model is integrable and has been studied in the context of noncritical string theory. We find dynamical phase transitions, and study the role of the quantum critical point. In course of the time evolutions, we find evidence of selective equilibration for a certain class of observables. The equilibrium is governed by the Generalized Gibbs Ensemble (GGE) and differs from the standard Gibbs ensemble. We compute the production of entropy which is O(N) for large N matrices. An important feature of the equilibration is the appearance of an energy cascade, reminiscent of the Richardson cascade in turbulence, where we find flow of energy from initial long wavelength modes to progressively shorter wavelength excitations. We discuss possible implication of the equilibration and of GGE in string theories and higher spin theories. In another related study, we compute time evolutions in a double trace unitary matrix model, which arises as an effective theory of D2 branes in IIA string theory in the confinement phase. We find similar equilibrations and dynamical transitions in this matrix model. The dynamical transitions are related to Gregory-Laflamme transitions in string theory and are potentially connected with the issue of appearance of naked singularities.