Eagle Bancorp (EGBN) Stock Rating Upgraded by Zacks Investment Research
Eagle Bancorp (NASDAQ:EGBN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The firm presently has a $71.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.54% 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 subject of several other research reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $66.00 target price on shares of Eagle Bancorp in a research note on Friday, December 22nd. BidaskClub raised Eagle Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 15th. Finally, Boenning Scattergood reissued a “buy” rating on shares of Eagle Bancorp in a research note on Thursday, October 19th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $67.75.
Eagle Bancorp (NASDAQ:EGBN) last posted its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.82 by $0.05. Eagle Bancorp had a return on equity of 12.37% and a net margin of 32.40%. The firm had revenue of $71.94 million during the quarter, compared to analysts’ expectations of $72.66 million. During the same quarter last year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. sell-side analysts forecast that Eagle Bancorp will post 3.34 EPS for the current year.
In other news, Director Dudley C. Dworken sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $67.00, for a total transaction of $134,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ronald D. Paul sold 15,000 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $67.46, for a total value of $1,011,900.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,959 shares of company stock valued at $2,682,251. 8.39% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in EGBN. Wasatch Advisors Inc. boosted its position in shares of 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 buying an additional 350,204 shares during the period. Jennison Associates LLC boosted its position in shares of Eagle Bancorp by 23.7% during the third quarter. Jennison Associates LLC now owns 1,291,987 shares of the financial services provider’s stock worth $86,628,000 after buying an additional 247,254 shares during the period. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 129,146 shares during the period. BlackRock Inc. boosted its position in shares of Eagle Bancorp by 5.3% during the second quarter. BlackRock Inc. now owns 2,061,719 shares of the financial services provider’s stock worth $130,506,000 after buying an additional 103,343 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Eagle Bancorp by 5.0% during the third quarter. Victory Capital Management Inc. now owns 1,386,541 shares of the financial services provider’s stock worth $92,968,000 after buying an additional 66,279 shares during the period. Institutional investors and hedge funds own 68.23% 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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