Eagle Bancorp, Inc. (EGBN) Rating Increased to Buy at Zacks Investment Research
Eagle Bancorp, Inc. (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $65.00 target price on the financial services provider’s stock. Zacks Investment Research’s target price points to a potential upside of 9.34% 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. “
EGBN has been the topic of several other research reports. Stephens cut shares of Eagle Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, December 21st. Sandler O’Neill upgraded shares of Eagle Bancorp from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Thursday, February 9th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $64.00 price target on shares of Eagle Bancorp in a research note on Wednesday, April 5th.
Shares of Eagle Bancorp (NASDAQ:EGBN) traded up 2.32% during midday trading on Thursday, hitting $59.45. The company’s stock had a trading volume of 121,778 shares. The firm has a market cap of $2.03 billion, a P/E ratio of 20.79 and a beta of 0.71. The stock’s 50 day moving average is $59.34 and its 200-day moving average is $57.70. Eagle Bancorp has a 52-week low of $45.07 and a 52-week high of $64.94.
Eagle Bancorp (NASDAQ:EGBN) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.03. The business had revenue of $73 million for the quarter, compared to analysts’ expectations of $68.19 million. Eagle Bancorp had a net margin of 31.21% and a return on equity of 12.39%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 EPS. Equities analysts predict that Eagle Bancorp will post $3.10 EPS for the current fiscal year.
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In other news, CFO James H. Langmead sold 5,000 shares of Eagle Bancorp stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $62.08, for a total transaction of $310,400.00. Following the transaction, the chief financial officer now owns 49,670 shares in the company, valued at approximately $3,083,513.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 15,000 shares of company stock worth $917,950 in the last quarter. Corporate insiders own 9.99% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. boosted its position in shares of Eagle Bancorp by 1,066.7% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,625 shares of the financial services provider’s stock valued at $129,000 after buying an additional 2,400 shares in the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in shares of Eagle Bancorp during the third quarter valued at $137,000. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Eagle Bancorp by 57.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,485 shares of the financial services provider’s stock valued at $151,000 after buying an additional 910 shares in the last quarter. Burt Wealth Advisors boosted its position in shares of Eagle Bancorp by 46.5% in the third quarter. Burt Wealth Advisors now owns 3,087 shares of the financial services provider’s stock valued at $152,000 after buying an additional 980 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Eagle Bancorp during the third quarter worth $249,000. Institutional investors and hedge funds own 66.21% 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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