Eagle Bancorp, Inc. (EGBN) Raised 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 report released on Tuesday. The brokerage currently has a $72.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.39% 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. “
Several other equities analysts have also recently weighed in on the company. FIG Partners upgraded Eagle Bancorp from a “market perform” rating to an “outperform” rating and set a $66.00 price objective for the company in a report on Monday, May 22nd. BidaskClub upgraded Eagle Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $67.50.
Eagle Bancorp (NASDAQ:EGBN) traded down 0.78% during mid-day trading on Tuesday, hitting $63.50. The stock had a trading volume of 86,186 shares. Eagle Bancorp has a 52 week low of $47.20 and a 52 week high of $65.00. The stock’s 50-day moving average is $62.30 and its 200 day moving average is $60.85. The company has a market capitalization of $2.17 billion, a P/E ratio of 20.68 and a beta of 0.72.
Eagle Bancorp (NASDAQ:EGBN) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.04. The company had revenue of $76.72 million during the quarter, compared to analysts’ expectations of $75.41 million. Eagle Bancorp had a return on equity of 12.17% and a net margin of 31.79%. During the same quarter last year, the company earned $0.71 EPS. Equities analysts forecast that Eagle Bancorp will post $3.27 earnings per share for the current fiscal year.
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In related news, CEO Ronald D. Paul sold 800 shares of Eagle Bancorp stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $64.40, for a total transaction of $51,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ronald D. Paul sold 706 shares of Eagle Bancorp stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $64.12, for a total value of $45,268.72. The disclosure for this sale can be found here. Insiders have sold 68,357 shares of company stock valued at $4,320,949 in the last quarter. 8.39% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of EGBN. BlackRock Inc. grew its holdings in Eagle Bancorp by 54,771.8% during the first quarter. BlackRock Inc. now owns 1,958,376 shares of the financial services provider’s stock worth $116,916,000 after purchasing an additional 1,954,807 shares during the period. Wasatch Advisors Inc. grew its holdings in Eagle Bancorp by 19.4% during the second quarter. Wasatch Advisors Inc. now owns 2,153,740 shares of the financial services provider’s stock worth $136,332,000 after purchasing an additional 350,204 shares during the period. Teachers Advisors LLC grew its holdings in Eagle Bancorp by 374.6% during the first quarter. Teachers Advisors LLC now owns 270,797 shares of the financial services provider’s stock worth $16,167,000 after purchasing an additional 213,740 shares during the period. Jennison Associates LLC grew its holdings in Eagle Bancorp by 23.5% during the second quarter. Jennison Associates LLC now owns 1,044,733 shares of the financial services provider’s stock worth $66,132,000 after purchasing an additional 198,608 shares during the period. Finally, Vanguard Group Inc. grew its holdings 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 purchasing an additional 129,146 shares during the period. Institutional investors and hedge funds own 68.05% of the company’s stock.
About Eagle Bancorp
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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