Eagle Bancorp (NASDAQ:EGBN) Sets New 52-Week High After Earnings Beat

Eagle Bancorp, Inc. (NASDAQ:EGBN)’s share price hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $30.82 and last traded at $31.1960, with a volume of 40,521 shares. The stock had previously closed at $28.53.

The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.45. The business had revenue of $70.87 million during the quarter, compared to the consensus estimate of $71.78 million. Eagle Bancorp had a negative net margin of 6.43% and a negative return on equity of 3.37%.

Eagle Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, November 6th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Friday, November 6th. Eagle Bancorp’s dividend payout ratio (DPR) is presently -3.17%.

Analysts Set New Price Targets

A number of brokerages have weighed in on EGBN. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eagle Bancorp in a research note on Wednesday, September 2nd. Hovde Group started coverage on shares of Eagle Bancorp in a research report on Wednesday, October 7th. They set an “outperform” rating and a $37.00 price objective on the stock. Zacks Research raised shares of Eagle Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 27th. Finally, Piper Sandler raised their price target on Eagle Bancorp from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.00.

Institutional Investors Weigh In On Eagle Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cyndeo Wealth Partners LLC purchased a new stake in Eagle Bancorp in the third quarter valued at approximately $200,000. Fortitude Family Office LLC raised its stake in Eagle Bancorp by 2,280.6% during the third quarter. Fortitude Family Office LLC now owns 1,714 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,642 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Eagle Bancorp in the 2nd quarter valued at $62,000. Corient Private Wealth LP boosted its holdings in shares of Eagle Bancorp by 61.2% in the 2nd quarter. Corient Private Wealth LP now owns 28,104 shares of the financial services provider’s stock valued at $798,000 after purchasing an additional 10,669 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Eagle Bancorp by 15.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,033 shares of the financial services provider’s stock valued at $1,392,000 after purchasing an additional 6,487 shares during the last quarter. Hedge funds and other institutional investors own 78.03% of the company’s stock.

Eagle Bancorp Price Performance

The company’s 50 day moving average price is $28.05 and its 200-day moving average price is $27.43. The company has a market capitalization of $952.78 million, a PE ratio of -24.81 and a beta of 0.98. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.07.

Eagle Bancorp Company Profile

Eagle Bancorp, Inc is the bank holding company for EagleBank, a commercial banking institution headquartered in Bethesda, Maryland. Founded in 1998, EagleBank serves businesses, professional practices, nonprofit organizations and individual customers primarily in the Washington, DC, metropolitan region, including communities in Maryland and Northern Virginia.

EagleBank provides commercial and retail banking services, including business and personal checking and savings accounts, commercial real estate lending, construction financing, commercial and industrial loans, residential mortgages and other credit products.