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 report issued on Friday. The brokerage currently has a $76.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.26% 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. “
Other equities analysts have also issued research reports about the stock. BidaskClub raised shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Boenning Scattergood reaffirmed a “buy” rating on shares of Eagle Bancorp in a research report on Thursday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $64.00 price objective on shares of Eagle Bancorp in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $68.50.
Eagle Bancorp (NASDAQ EGBN) traded up 0.30% during midday trading on Friday, hitting $67.70. 786,200 shares of the stock traded hands. The company has a 50-day moving average price of $65.12 and a 200-day moving average price of $61.92. The firm has a market cap of $2.31 billion, a P/E ratio of 22.05 and a beta of 0.74. Eagle Bancorp has a 1-year low of $47.20 and a 1-year high of $68.90.
Eagle Bancorp (NASDAQ:EGBN) last issued its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.05. The firm had revenue of $71.94 million for the quarter, compared to analyst estimates of $72.66 million. Eagle Bancorp had a net margin of 32.40% and a return on equity of 12.59%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 earnings per share. Analysts predict that Eagle Bancorp will post $3.31 EPS for the current year.
In other news, CEO Ronald D. Paul sold 3,140 shares of Eagle Bancorp stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $62.19, for a total value of $195,276.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Leslie M. Alperstein sold 4,212 shares of Eagle Bancorp stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $67.38, for a total transaction of $283,804.56. The disclosure for this sale can be found here. In the last three months, insiders sold 129,209 shares of company stock worth $8,288,287. Insiders own 8.39% of the company’s stock.
Several large investors have recently added to or reduced their stakes in 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 valued at $116,916,000 after purchasing an additional 1,954,807 shares during the period. Wasatch Advisors Inc. raised its position in shares of Eagle Bancorp by 19.4% in the second quarter. Wasatch Advisors Inc. now owns 2,153,740 shares of the financial services provider’s stock valued at $136,332,000 after purchasing an additional 350,204 shares during the period. 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 valued at $16,167,000 after purchasing an additional 213,740 shares during the period. Jennison Associates LLC raised its position in shares of Eagle Bancorp by 23.5% in the second quarter. Jennison Associates LLC now owns 1,044,733 shares of the financial services provider’s stock valued at $66,132,000 after purchasing an additional 198,608 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Eagle Bancorp by 5.4% in the second quarter. Vanguard Group Inc. now owns 2,523,941 shares of the financial services provider’s stock valued at $159,766,000 after purchasing an additional 129,146 shares during the period. 68.07% of the stock is currently owned by institutional investors.
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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