Zacks Investment Research Upgrades Eagle Bancorp, Inc. (EGBN) to Buy
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 firm currently has a $69.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.56% from the company’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. “
Several other equities research analysts also recently commented on the stock. FIG Partners upgraded shares of Eagle Bancorp from a “market perform” rating to an “outperform” rating and set a $66.00 target price on the stock in a research report on Monday, May 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $64.00 target price on shares of Eagle Bancorp in a research report on Friday, May 19th. Finally, BidaskClub upgraded shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $66.75.
Shares of Eagle Bancorp (EGBN) traded up 0.98% during trading on Tuesday, reaching $61.85. 91,085 shares of the company traded hands. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 20.15 and a beta of 0.70. Eagle Bancorp has a 12-month low of $47.20 and a 12-month high of $65.00. The company has a 50 day moving average price of $62.55 and a 200 day moving average price of $60.82.
Eagle Bancorp (NASDAQ:EGBN) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.77 by $0.04. Eagle Bancorp had a net margin of 31.79% and a return on equity of 12.17%. The business had revenue of $76.72 million for the quarter, compared to the consensus estimate of $75.41 million. During the same period last year, the company earned $0.71 EPS. On average, equities analysts predict that Eagle Bancorp will post $3.27 EPS for the current year.
In related news, CEO Ronald D. Paul sold 706 shares of Eagle Bancorp stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $64.12, for a total transaction of $45,268.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leland M. Weinstein sold 8,295 shares of Eagle Bancorp stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $62.22, for a total transaction of $516,114.90. Following the sale, the director now owns 72,469 shares in the company, valued at $4,509,021.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,924 shares of company stock worth $2,074,098. 8.39% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Eagle Bancorp by 158.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,896 shares of the financial services provider’s stock worth $120,000 after buying an additional 1,162 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of Eagle Bancorp during the first quarter worth about $124,000. Ameritas Investment Partners Inc. purchased a new position in shares of Eagle Bancorp during the first quarter worth about $158,000. Burt Wealth Advisors increased its position in shares of Eagle Bancorp by 4.8% in the first quarter. Burt Wealth Advisors now owns 3,235 shares of the financial services provider’s stock worth $193,000 after buying an additional 148 shares during the period. Finally, Prudential Financial Inc. increased its position in shares of Eagle Bancorp by 0.3% in the first quarter. Prudential Financial Inc. now owns 3,408 shares of the financial services provider’s stock worth $203,000 after buying an additional 10 shares during the period. Hedge funds and other institutional investors own 67.47% 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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