Eagle Bancorp, Inc. (NASDAQ:EGBN) Upgraded to Buy by Zacks Investment Research
Eagle Bancorp, Inc. (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $71.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.81% from the stock’s current price.
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. “
Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $64.00 target price on shares of Eagle Bancorp in a report on Friday, May 19th. BidaskClub raised shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Finally, FIG Partners raised shares of Eagle Bancorp from a “market perform” rating to an “outperform” rating and set a $66.00 target price for the company in a 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 stock. The stock presently has an average rating of “Hold” and an average target price of $67.25.
Eagle Bancorp (NASDAQ:EGBN) traded up 0.63% on Tuesday, reaching $63.50. 82,016 shares of the company traded hands. The stock’s 50-day moving average is $62.40 and its 200-day moving average is $60.52. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 20.68 and a beta of 0.71. Eagle Bancorp has a 1-year low of $47.20 and a 1-year high of $65.00.
Eagle Bancorp (NASDAQ:EGBN) last announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.04. Eagle Bancorp had a net margin of 31.79% and a return on equity of 12.39%. The business had revenue of $76.72 million during the quarter, compared to analysts’ expectations of $75.41 million. During the same period in the prior year, the company earned $0.71 earnings per share. Equities research analysts expect that Eagle Bancorp will post $3.26 EPS for the current year.
In related news, EVP Antonio F. Marquez sold 2,200 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $63.04, for a total transaction of $138,688.00. Following the completion of the transaction, the executive vice president now owns 20,273 shares in the company, valued at $1,278,009.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Janice L. Williams sold 10,000 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $63.17, for a total transaction of $631,700.00. Following the transaction, the executive vice president now owns 73,490 shares of the company’s stock, valued at approximately $4,642,363.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,218 shares of company stock valued at $2,028,829. Company insiders own 8.39% of the company’s stock.
Several institutional investors have recently modified their holdings of EGBN. BlackRock Inc. raised its position in shares of Eagle Bancorp by 54,771.8% in the first quarter. BlackRock Inc. now owns 1,958,376 shares of the financial services provider’s stock worth $116,916,000 after buying an additional 1,954,807 shares in the last quarter. Jennison Associates LLC raised its position in shares of Eagle Bancorp by 58.5% in the first quarter. Jennison Associates LLC now owns 846,125 shares of the financial services provider’s stock worth $50,514,000 after buying an additional 312,235 shares in the last quarter. Norges Bank bought a new position in shares of Eagle Bancorp during the fourth quarter worth $14,529,000. Teachers Advisors LLC raised its position in shares of Eagle Bancorp by 374.6% in the first quarter. Teachers Advisors LLC now owns 270,797 shares of the financial services provider’s stock worth $16,167,000 after buying an additional 213,740 shares in the last quarter. Finally, State Street Corp raised its position in shares of Eagle Bancorp by 14.8% in the first quarter. State Street Corp now owns 761,167 shares of the financial services provider’s stock worth $45,443,000 after buying an additional 98,136 shares in the last quarter. Hedge funds and other institutional investors own 66.90% 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. 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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