Eagle Bancorp (NASDAQ:EGBN) Trading Up 7.4% – Time to Buy?

Shares of Eagle Bancorp, Inc. (NASDAQ:EGBN) shot up 7.4% during trading on Wednesday . The stock traded as high as $24.00 and last traded at $24.1690. 53,766 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 276,123 shares. The stock had previously closed at $22.50.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler cut their price objective on Eagle Bancorp from $22.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. Zacks Research raised Eagle Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Eagle Bancorp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $21.25.

Eagle Bancorp Stock Up 6.6%

The firm has a market cap of $728.75 million, a PE ratio of -6.06 and a beta of 1.02. The company has a 50-day simple moving average of $20.40 and a 200-day simple moving average of $19.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.86 and a quick ratio of 0.84.

Eagle Bancorp (NASDAQ:EGBN) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported ($2.22) EPS for the quarter, missing the consensus estimate of ($0.30) by ($1.92). Eagle Bancorp had a negative net margin of 18.65% and a negative return on equity of 10.07%. The business had revenue of $70.65 million during the quarter, compared to the consensus estimate of $69.03 million. Analysts expect that Eagle Bancorp, Inc. will post 2.31 earnings per share for the current fiscal year.

Insider Transactions at Eagle Bancorp

In related news, Director Louis P. Jr. Mathews acquired 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $17.20 per share, for a total transaction of $25,800.00. Following the acquisition, the director directly owned 10,157 shares of the company’s stock, valued at $174,700.40. This represents a 17.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Eric R. Newell bought 3,050 shares of the company’s stock in a transaction on Friday, November 14th. The stock was bought at an average price of $16.55 per share, for a total transaction of $50,477.50. Following the completion of the purchase, the chief financial officer directly owned 33,615 shares in the company, valued at approximately $556,328.25. This represents a 9.98% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 6,050 shares of company stock worth $101,538. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Eagle Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jupiter Asset Management Ltd. grew its position in shares of Eagle Bancorp by 112.5% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 357,404 shares of the financial services provider’s stock worth $6,962,000 after buying an additional 189,233 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in Eagle Bancorp in the second quarter valued at approximately $831,000. Hennessy Advisors Inc. increased its holdings in Eagle Bancorp by 40.0% in the 2nd quarter. Hennessy Advisors Inc. now owns 140,000 shares of the financial services provider’s stock worth $2,727,000 after buying an additional 40,000 shares during the period. Strs Ohio acquired a new stake in shares of Eagle Bancorp in the first quarter worth $412,000. Finally, Walleye Capital LLC raised its holdings in shares of Eagle Bancorp by 330.0% during the second quarter. Walleye Capital LLC now owns 79,335 shares of the financial services provider’s stock worth $1,545,000 after purchasing an additional 60,883 shares during the last quarter. 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.