Eagle Bancorp (NASDAQ:EGBN) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Eagle Bancorp, Inc. (NASDAQ:EGBN)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $25.19 and traded as high as $28.71. Eagle Bancorp shares last traded at $28.42, with a volume of 337,056 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen raised Eagle Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Zacks Research downgraded shares of Eagle Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eagle Bancorp in a research report on Friday, June 5th. Raymond James Financial began coverage on shares of Eagle Bancorp in a research note on Tuesday, April 14th. They issued a “strong-buy” rating and a $32.00 price objective for the company. Finally, Piper Sandler raised their target price on Eagle Bancorp from $27.00 to $29.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Eagle Bancorp has a consensus rating of “Hold” and a consensus price target of $28.67.

Eagle Bancorp Price Performance

The business’s fifty day simple moving average is $26.80 and its 200-day simple moving average is $25.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.07. The firm has a market cap of $866.81 million, a P/E ratio of -7.50 and a beta of 0.97.

Eagle Bancorp (NASDAQ:EGBN) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.20. Eagle Bancorp had a negative return on equity of 10.03% and a negative net margin of 18.65%.The company had revenue of $76.40 million during the quarter, compared to analysts’ expectations of $77.37 million. As a group, analysts forecast that Eagle Bancorp, Inc. will post 1.79 EPS for the current fiscal year.

Eagle Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Monday, May 4th. Eagle Bancorp’s dividend payout ratio is presently -1.06%.

Hedge Funds Weigh In On Eagle Bancorp

Several hedge funds have recently bought and sold shares of EGBN. Farther Finance Advisors LLC increased its holdings in Eagle Bancorp by 128.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,390 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 782 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Eagle Bancorp in the 1st quarter valued at $37,000. Tower Research Capital LLC TRC grew its position in shares of Eagle Bancorp by 113.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,092 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 2,172 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Eagle Bancorp during the second quarter worth about $99,000. Finally, Fifth Third Bancorp grew its position in Eagle Bancorp by 10,807.4% during the first quarter. Fifth Third Bancorp now owns 5,890 shares of the financial services provider’s stock worth $146,000 after buying an additional 5,836 shares in the last quarter. Hedge funds and other institutional investors own 78.03% of the company’s stock.

Eagle Bancorp Company Profile

Eagle Bancorp, Inc is the bank holding company for EagleBank, a commercial bank headquartered in Bethesda, Maryland. Since its founding in 1998, the company has focused on serving businesses and consumers in the Washington, DC metropolitan area. EagleBank operates a network of full-service branches and commercial banking centers, providing personalized financial solutions to corporate, nonprofit, real estate and individual clients.

The company’s product portfolio includes commercial real estate lending, construction and land development financing, small business administration (SBA) loans, commercial and industrial credit facilities, and residential mortgage loans.