PNC Financial Services Group Inc. Sells 3,284 Shares of Eagle Bancorp, Inc. $EGBN

PNC Financial Services Group Inc. cut its stake in shares of Eagle Bancorp, Inc. (NASDAQ:EGBN) by 53.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,914 shares of the financial services provider’s stock after selling 3,284 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Eagle Bancorp were worth $57,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. BlackBarn Capital Partners LP acquired a new stake in shares of Eagle Bancorp during the 1st quarter worth about $7,980,000. Nuveen LLC bought a new stake in Eagle Bancorp during the first quarter worth about $7,275,000. Millennium Management LLC increased its holdings in shares of Eagle Bancorp by 164.6% during the first quarter. Millennium Management LLC now owns 314,370 shares of the financial services provider’s stock worth $6,602,000 after buying an additional 195,567 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Eagle Bancorp by 112.5% during the second 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of Eagle Bancorp by 998.3% in the second quarter. Y Intercept Hong Kong Ltd now owns 158,227 shares of the financial services provider’s stock valued at $3,082,000 after acquiring an additional 143,820 shares during the last quarter. Institutional investors own 78.03% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Eric R. Newell acquired 3,050 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was acquired at an average cost of $16.55 per share, with a total value 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 trade represents a 9.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Louis P. Jr. Mathews bought 1,500 shares of the business’s stock in a transaction on Friday, November 21st. The stock was bought at an average cost of $17.20 per share, for a total transaction of $25,800.00. Following the purchase, the director directly owned 10,157 shares of the company’s stock, valued at approximately $174,700.40. This trade represents a 17.33% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 6,050 shares of company stock valued at $101,538. 3.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on EGBN shares. Zacks Research lowered Eagle Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Eagle Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler lowered their target price on Eagle Bancorp from $22.00 to $19.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Eagle Bancorp has a consensus rating of “Reduce” and an average target price of $21.25.

Eagle Bancorp Trading Up 4.2%

Shares of EGBN opened at $19.76 on Tuesday. The stock’s fifty day simple moving average is $18.64 and its 200-day simple moving average is $18.71. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $600.13 million, a PE ratio of -4.99 and a beta of 1.17. Eagle Bancorp, Inc. has a 12-month low of $15.03 and a 12-month high of $30.15.

Eagle Bancorp (NASDAQ:EGBN) last posted its quarterly earnings results on Monday, September 11th. The financial services provider reported $1.20 earnings per share for the quarter. Eagle Bancorp had a negative net margin of 18.65% and a negative return on equity of 10.07%. The business had revenue of $88.48 million during the quarter. As a group, research analysts predict that Eagle Bancorp, Inc. will post 2.31 earnings per share for the current year.

Eagle Bancorp Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Monday, November 3rd were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Monday, November 3rd. Eagle Bancorp’s dividend payout ratio (DPR) is currently -1.01%.

Eagle Bancorp Profile

Eagle Bancorp, Inc operates as the bank holding company for EagleBank that provides commercial and consumer banking services primarily in the United States. The company also offers various commercial and consumer lending products comprising commercial loans for working capital, equipment purchases, real estate lines of credit, and government contract financing; asset based lending and accounts receivable financing; construction and commercial real estate loans; business equipment financing; consumer home equity lines of credit, personal lines of credit, and term loans; consumer installment loans, such as auto and personal loans; personal credit cards; and residential mortgage loans.