Eagle Bancorp (NASDAQ:EGBN) Shares Up 7.4% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Eagle Bancorp Stock Performance

The company has a market capitalization of $728.75 million, a price-to-earnings ratio of -6.06 and a beta of 1.02. The firm has a fifty 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 earnings results on Wednesday, October 22nd. The financial services provider reported ($2.22) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($1.92). Eagle Bancorp had a negative return on equity of 10.07% and a negative net margin of 18.65%.The business had revenue of $70.65 million for the quarter, compared to analyst estimates of $69.03 million. On average, analysts anticipate that Eagle Bancorp, Inc. will post 2.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Eagle Bancorp

In related news, Director Louis P. Jr. Mathews bought 1,500 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were acquired at an average price of $17.20 per share, for a total transaction of $25,800.00. Following the completion of the transaction, the director directly owned 10,157 shares in the company, valued at $174,700.40. This trade represents a 17.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Eric R. Newell bought 3,050 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were bought at an average cost of $16.55 per share, with a total value of $50,477.50. Following the purchase, the chief financial officer directly owned 33,615 shares of the company’s stock, valued at approximately $556,328.25. This represents a 9.98% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 6,050 shares of company stock worth $101,538. 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. North Reef Capital Management LP boosted its stake in shares of Eagle Bancorp by 558.2% in the third quarter. North Reef Capital Management LP now owns 2,632,918 shares of the financial services provider’s stock worth $53,238,000 after acquiring an additional 2,232,918 shares during the last quarter. Wellington Management Group LLP purchased a new position in Eagle Bancorp in the 3rd quarter valued at $12,314,000. Millennium Management LLC grew its holdings in shares of Eagle Bancorp by 135.6% during the third quarter. Millennium Management LLC now owns 444,631 shares of the financial services provider’s stock worth $8,990,000 after buying an additional 255,932 shares in the last quarter. Fourthstone LLC grew its holdings in shares of Eagle Bancorp by 63.6% during the second quarter. Fourthstone LLC now owns 644,930 shares of the financial services provider’s stock worth $12,563,000 after buying an additional 250,729 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its position in shares of Eagle Bancorp by 112.5% in the second quarter. Jupiter Asset Management Ltd. now owns 357,404 shares of the financial services provider’s stock valued at $6,962,000 after buying an additional 189,233 shares during the last quarter. Hedge funds and other institutional investors own 78.03% of the company’s stock.

About Eagle Bancorp

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.