Eagle Bancorp (NASDAQ:EGBN) Shares Gap Down After Earnings Miss

Eagle Bancorp, Inc. (NASDAQ:EGBN) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $26.94, but opened at $24.10. Eagle Bancorp shares last traded at $25.9390, with a volume of 92,843 shares.

The financial services provider reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.11). The company had revenue of $73.11 million for the quarter, compared to analyst estimates of $74.41 million. Eagle Bancorp had a negative return on equity of 3.37% and a negative net margin of 6.43%.

Eagle Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Thursday, August 6th. Eagle Bancorp’s dividend payout ratio is currently -3.17%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on EGBN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Eagle Bancorp in a research report on Friday, June 5th. Piper Sandler upped their price target on Eagle Bancorp from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Raymond James Financial initiated 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 target on the stock. Finally, Zacks Research cut shares of Eagle Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $29.00.

Institutional Trading of Eagle Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in shares of Eagle Bancorp by 16.2% in the 2nd quarter. Versant Capital Management Inc now owns 3,545 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 493 shares during the period. Royal Bank of Canada increased its position in Eagle Bancorp by 13.3% during the first quarter. Royal Bank of Canada now owns 19,279 shares of the financial services provider’s stock worth $479,000 after buying an additional 2,263 shares during the period. Empowered Funds LLC increased its position in Eagle Bancorp by 15.2% during the first quarter. Empowered Funds LLC now owns 113,806 shares of the financial services provider’s stock worth $2,830,000 after buying an additional 15,006 shares during the period. Quantinno Capital Management LP increased its position in Eagle Bancorp by 15.2% during the first quarter. Quantinno Capital Management LP now owns 187,900 shares of the financial services provider’s stock worth $4,673,000 after buying an additional 24,842 shares during the period. Finally, Caxton Associates LLP lifted its stake in Eagle Bancorp by 8.5% in the first quarter. Caxton Associates LLP now owns 62,368 shares of the financial services provider’s stock valued at $1,551,000 after buying an additional 4,892 shares during the last quarter. Institutional investors and hedge funds own 78.03% of the company’s stock.

Eagle Bancorp Stock Performance

The company has a market cap of $867.42 million, a PE ratio of -22.57 and a beta of 0.96. The stock has a 50 day simple moving average of $27.28 and a two-hundred day simple moving average of $26.07. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.87 and a quick ratio of 0.86.

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.