Eagle Bancorp Inc. (EGBN) Upgraded to Buy at Zacks Investment Research
Eagle Bancorp Inc. (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $56.00 price target on the financial services provider’s stock. Zacks Investment Research’s target price 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. “
Shares of Eagle Bancorp (NASDAQ:EGBN) traded up 0.36% during trading on Tuesday, hitting $49.78. The company’s stock had a trading volume of 62,736 shares. Eagle Bancorp has a 52 week low of $42.72 and a 52 week high of $55.56. The firm’s 50 day moving average price is $50.92 and its 200-day moving average price is $49.52. The company has a market cap of $1.67 billion, a PE ratio of 18.65 and a beta of 0.83.
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Eagle Bancorp (NASDAQ:EGBN) last announced its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.04. Eagle Bancorp had a net margin of 30.91% and a return on equity of 12.15%. During the same quarter in the previous year, the firm posted $0.61 earnings per share. On average, analysts predict that Eagle Bancorp will post $2.79 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA raised its position 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 valued at $26,287,000 after buying an additional 503,735 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Eagle Bancorp by 19.4% in the second quarter. PNC Financial Services Group Inc. now owns 1,405,936 shares of the financial services provider’s stock valued at $67,640,000 after buying an additional 228,663 shares during the last quarter. Norges Bank acquired a new position in Eagle Bancorp during the fourth quarter valued at $9,529,000. Goldman Sachs Group Inc. raised its position in Eagle Bancorp by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,596,262 shares of the financial services provider’s stock valued at $124,620,000 after buying an additional 187,807 shares during the last quarter. Finally, State Street Corp raised its position in Eagle Bancorp by 25.3% in the first quarter. State Street Corp now owns 603,991 shares of the financial services provider’s stock valued at $28,994,000 after buying an additional 122,105 shares during the last quarter. Institutional investors and hedge funds 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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