Zacks Investment Research lowered shares of Eagle Bancorp, Inc. (NASDAQ:EGBN) from a buy rating to a hold rating in a research note issued to investors on Thursday.
According to Zacks, “EAGLE BANCORP is the holding company for EagleBank. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking services through nine offices, located in Montgomery County, Maryland and Washington, D.C. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace. “
Several other analysts have also recently commented on EGBN. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $64.00 target price on shares of Eagle Bancorp in a research report on Friday, May 19th. BidaskClub raised Eagle Bancorp from a sell rating to a hold rating in a research report on Friday, June 30th. Finally, FIG Partners raised Eagle Bancorp from a market perform rating to an outperform rating and set a $66.00 target price for the company in a research report on Monday, May 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Eagle Bancorp presently has a consensus rating of Hold and a consensus price target of $66.50.
Eagle Bancorp (NASDAQ EGBN) opened at 60.80 on Thursday. The stock has a market capitalization of $2.08 billion, a P/E ratio of 19.80 and a beta of 0.72. The company’s 50-day moving average price is $62.14 and its 200 day moving average price is $60.85. Eagle Bancorp has a 52-week low of $47.20 and a 52-week high of $65.00.
Eagle Bancorp (NASDAQ:EGBN) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.04. The business had revenue of $76.72 million for the quarter, compared to analysts’ expectations of $75.41 million. Eagle Bancorp had a return on equity of 12.17% and a net margin of 31.79%. During the same period in the previous year, the firm posted $0.71 EPS. On average, equities research analysts anticipate that Eagle Bancorp will post $3.27 earnings per share for the current year.
In related news, Director Leland M. Weinstein sold 3,932 shares of Eagle Bancorp stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $62.97, for a total transaction of $247,598.04. Following the completion of the sale, the director now owns 64,274 shares of the company’s stock, valued at $4,047,333.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ronald D. Paul sold 7,791 shares of Eagle Bancorp stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $63.50, for a total value of $494,728.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,338 shares of company stock valued at $2,411,790. 8.39% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wasatch Advisors Inc. boosted its position in Eagle Bancorp by 19.4% during the second quarter. Wasatch Advisors Inc. now owns 2,153,740 shares of the financial services provider’s stock valued at $136,332,000 after purchasing an additional 350,204 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Eagle Bancorp by 4.3% during the second quarter. Public Employees Retirement System of Ohio now owns 137,560 shares of the financial services provider’s stock valued at $8,708,000 after purchasing an additional 5,667 shares during the last quarter. Colony Group LLC boosted its position in Eagle Bancorp by 2.9% during the second quarter. Colony Group LLC now owns 37,734 shares of the financial services provider’s stock valued at $2,389,000 after purchasing an additional 1,055 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Eagle Bancorp by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 24,288 shares of the financial services provider’s stock valued at $1,537,000 after purchasing an additional 532 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. boosted its position in Eagle Bancorp by 58.0% during the second quarter. C M Bidwell & Associates Ltd. now owns 5,150 shares of the financial services provider’s stock valued at $326,000 after purchasing an additional 1,890 shares during the last quarter. 68.17% of the stock is owned by hedge funds and other institutional investors.
About Eagle Bancorp
Eagle Bancorp, Inc is a bank holding company for EagleBank (the Bank). The Bank is the Company’s principal operating subsidiary. The Bank is a chartered commercial bank. As of December 31, 2016, the Bank operated 21 banking offices: seven in Montgomery County, Maryland; five located in the District of Columbia, and nine in Northern Virginia.
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