Eagle Bancorp Inc. (EGBN) Upgraded by Zacks Investment Research to “Buy”
Eagle Bancorp Inc. (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $56.00 price target on the financial services provider’s stock. Zacks Investment Research’s price target would suggest a potential upside of 12.49% from the stock’s previous close.
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. “
Eagle Bancorp (NASDAQ:EGBN) traded up 0.36% during trading on Tuesday, reaching $49.78. The company had a trading volume of 62,736 shares. The firm has a market capitalization of $1.67 billion, a P/E ratio of 18.65 and a beta of 0.83. Eagle Bancorp has a 52 week low of $42.37 and a 52 week high of $55.56. The stock has a 50 day moving average price of $50.96 and a 200 day moving average price of $49.52.
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Eagle Bancorp (NASDAQ:EGBN) last posted its earnings results on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. Eagle Bancorp had a return on equity of 12.15% and a net margin of 30.91%. During the same quarter last year, the company earned $0.61 earnings per share. Analysts predict that Eagle Bancorp will post $2.79 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of EGBN. Norges Bank bought a new stake in Eagle Bancorp during the fourth quarter worth $9,529,000. Glenmede Trust Co. NA raised its stake in Eagle Bancorp by 1,146.4% in the first quarter. Glenmede Trust Co. NA now owns 547,676 shares of the financial services provider’s stock worth $26,287,000 after buying an additional 503,735 shares in the last quarter. BlackRock Inc. raised its stake in Eagle Bancorp by 101.1% in the first quarter. BlackRock Inc. now owns 2,214 shares of the financial services provider’s stock worth $106,000 after buying an additional 1,113 shares in the last quarter. BlackRock Group LTD raised its stake in Eagle Bancorp by 17.4% in the first quarter. BlackRock Group LTD now owns 26,723 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 3,959 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Eagle Bancorp by 3.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 874,167 shares of the financial services provider’s stock worth $41,960,000 after buying an additional 27,778 shares in the last quarter. Institutional investors own 67.65% of the company’s stock.
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, which operates over 20 banking offices in Montgomery County, Maryland; District of Columbia, and Northern Virginia. The Bank offers a range of commercial banking services to its business and professional clients, as well as consumer banking services to individuals living or working in the service area.
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