Eagle Bancorp (EGBN) Upgraded by Zacks Investment Research to “Strong-Buy”
Eagle Bancorp (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The brokerage presently has a $71.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.54% from the stock’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. “
A number of other research firms also recently commented on EGBN. BidaskClub raised shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 15th. Keefe, Bruyette & Woods reissued a “neutral” rating on shares of Eagle Bancorp in a report on Friday, October 20th. Finally, Boenning Scattergood reissued a “buy” rating on shares of Eagle Bancorp in a report on Thursday, October 19th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Eagle Bancorp presently has an average rating of “Buy” and an average target price of $67.75.
Eagle Bancorp (NASDAQ:EGBN) last issued its earnings results on Wednesday, October 18th. The financial services provider reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.05. The business had revenue of $71.94 million for the quarter, compared to the consensus estimate of $72.66 million. Eagle Bancorp had a net margin of 32.40% and a return on equity of 12.37%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 earnings per share. sell-side analysts forecast that Eagle Bancorp will post 3.34 earnings per share for the current fiscal year.
In related news, CEO Ronald D. Paul sold 14,959 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $67.05, for a total transaction of $1,003,000.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ronald D. Paul sold 15,000 shares of the business’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $67.46, for a total transaction of $1,011,900.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,959 shares of company stock worth $2,682,251. 8.39% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in 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. raised its position in Eagle Bancorp by 1.5% during the third quarter. Wasatch Advisors Inc. now owns 2,185,154 shares of the financial services provider’s stock worth $146,515,000 after acquiring an additional 31,414 shares during the last quarter. BlackRock Inc. raised its position in 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. raised its position in Eagle Bancorp by 5.0% during the third quarter. Victory Capital Management Inc. now owns 1,386,541 shares of the financial services provider’s stock worth $92,968,000 after acquiring an additional 66,279 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Eagle Bancorp by 23.7% during the third quarter. Jennison Associates LLC now owns 1,291,987 shares of the financial services provider’s stock worth $86,628,000 after acquiring an additional 247,254 shares during the last quarter. Institutional investors own 68.23% 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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