Zacks Investment Research Downgrades Eagle Bancorp, Inc. (EGBN) to Hold
Eagle Bancorp, Inc. (NASDAQ:EGBN) was downgraded by Zacks Investment Research 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 commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $64.00 price objective 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 research note 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 research note on Monday, May 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $66.75.
Eagle Bancorp (NASDAQ:EGBN) traded down 1.38% during midday trading on Thursday, hitting $60.60. The company had a trading volume of 118,198 shares. The firm’s 50 day moving average is $62.27 and its 200-day moving average is $60.85. Eagle Bancorp has a 52 week low of $47.20 and a 52 week high of $65.00. The firm has a market capitalization of $2.07 billion, a P/E ratio of 19.74 and a beta of 0.72.
Eagle Bancorp (NASDAQ:EGBN) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $75.41 million. During the same period in the prior year, the business posted $0.71 earnings per share. On average, equities research analysts expect that Eagle Bancorp will post $3.27 EPS for the current fiscal year.
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In other Eagle Bancorp news, CEO Ronald D. Paul sold 5,000 shares of Eagle Bancorp stock in a transaction on Friday, September 1st. The shares were sold at an average price of $62.39, for a total value of $311,950.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Antonio F. Marquez sold 2,200 shares of Eagle Bancorp 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 sale, the executive vice president now owns 20,273 shares in the company, valued at $1,278,009.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,633 shares of company stock worth $2,927,905. 8.39% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Eagle Bancorp by 5.4% in the 2nd quarter. Vanguard Group Inc. now owns 2,523,941 shares of the financial services provider’s stock valued at $159,766,000 after acquiring an additional 129,146 shares during the last quarter. Wasatch Advisors Inc. increased its holdings in Eagle Bancorp by 19.4% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,153,740 shares of the financial services provider’s stock valued at $136,332,000 after acquiring an additional 350,204 shares during the last quarter. BlackRock Inc. increased its holdings in Eagle Bancorp by 5.3% in the 2nd quarter. BlackRock Inc. now owns 2,061,719 shares of the financial services provider’s stock valued at $130,506,000 after acquiring an additional 103,343 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Eagle Bancorp by 1.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,320,262 shares of the financial services provider’s stock valued at $83,573,000 after acquiring an additional 25,022 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in Eagle Bancorp by 23.5% in the 2nd quarter. Jennison Associates LLC now owns 1,044,733 shares of the financial services provider’s stock valued at $66,132,000 after acquiring an additional 198,608 shares during the last quarter. Institutional investors own 68.17% of the company’s stock.
Eagle Bancorp Company Profile
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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