Eagle Bancorp, Inc. (EGBN) Stock Rating Upgraded 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 report issued on Friday. The firm currently has a $68.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.84% 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. “
Several other analysts have also weighed in on EGBN. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $64.00 target price on shares of Eagle Bancorp in a research note on Friday, May 19th. FIG Partners upgraded 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. Finally, BidaskClub upgraded shares of Eagle Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $66.50.
Shares of Eagle Bancorp (NASDAQ:EGBN) traded up 0.33% during mid-day trading on Friday, reaching $60.80. 142,085 shares of the company were exchanged. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 19.80 and a beta of 0.72. The company’s 50-day moving average is $62.14 and its 200 day moving average is $60.85. Eagle Bancorp has a 12 month low of $47.20 and a 12 month high of $65.00.
Eagle Bancorp (NASDAQ:EGBN) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share 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 firm had revenue of $76.72 million during the quarter, compared to analyst estimates of $75.41 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Analysts predict that Eagle Bancorp will post $3.27 EPS for the current year.
In other news, CEO Ronald D. Paul sold 7,791 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $63.50, for a total transaction of $494,728.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ronald D. Paul sold 5,000 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $62.39, for a total transaction of $311,950.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,338 shares of company stock valued at $2,411,790. 8.39% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Eagle Bancorp by 5.4% during the second quarter. Vanguard Group Inc. now owns 2,523,941 shares of the financial services provider’s stock worth $159,766,000 after acquiring an additional 129,146 shares during the last quarter. Wasatch Advisors Inc. grew its position in shares of Eagle Bancorp by 19.4% during the second quarter. Wasatch Advisors Inc. now owns 2,153,740 shares of the financial services provider’s stock worth $136,332,000 after acquiring an additional 350,204 shares during the last quarter. BlackRock Inc. grew its position in shares of Eagle Bancorp by 5.3% during the second quarter. BlackRock Inc. now owns 2,061,719 shares of the financial services provider’s stock worth $130,506,000 after acquiring an additional 103,343 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Eagle Bancorp by 1.9% during the second quarter. Victory Capital Management Inc. now owns 1,320,262 shares of the financial services provider’s stock worth $83,573,000 after acquiring an additional 25,022 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Eagle Bancorp by 23.5% during the second quarter. Jennison Associates LLC now owns 1,044,733 shares of the financial services provider’s stock worth $66,132,000 after acquiring an additional 198,608 shares during the last quarter. Institutional investors and hedge funds 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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