Eagle Bancorp (NASDAQ:EGBN) Releases Earnings Results, Beats Expectations By $0.37 EPS

Eagle Bancorp (NASDAQ:EGBN) posted its earnings results on Wednesday. The financial services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.37, Zacks reports. Eagle Bancorp had a negative return on equity of 10.07% and a negative net margin of 18.65%.

Eagle Bancorp Price Performance

Shares of Eagle Bancorp stock traded up $1.53 during trading on Wednesday, reaching $24.03. 642,363 shares of the company’s stock were exchanged, compared to its average volume of 322,248. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.84 and a current ratio of 0.86. Eagle Bancorp has a 1-year low of $15.03 and a 1-year high of $27.07. The company has a market cap of $729.82 million, a P/E ratio of -6.07 and a beta of 1.02. The firm’s 50-day moving average price is $20.40 and its 200 day moving average price is $19.56.

Insider Activity

In other Eagle Bancorp news, CFO Eric R. Newell bought 3,050 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were purchased at an average price of $16.55 per share, for a total transaction of $50,477.50. Following the completion of the transaction, the chief financial officer directly owned 33,615 shares in the company, valued at approximately $556,328.25. The trade was a 9.98% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Louis P. Jr. Mathews bought 1,500 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was bought at an average cost of $17.20 per share, with a total value of $25,800.00. Following the acquisition, the director directly owned 10,157 shares of the company’s stock, valued at approximately $174,700.40. The trade was a 17.33% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 6,050 shares of company stock worth $101,538 over the last ninety days. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Eagle Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in Eagle Bancorp by 8.9% in the 1st quarter. AQR Capital Management LLC now owns 219,930 shares of the financial services provider’s stock valued at $4,619,000 after buying an additional 17,943 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Eagle Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,581 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 780 shares during the last quarter. Millennium Management LLC increased its position in Eagle Bancorp by 164.6% in the 1st quarter. Millennium Management LLC now owns 314,370 shares of the financial services provider’s stock valued at $6,602,000 after acquiring an additional 195,567 shares during the period. Empowered Funds LLC raised its stake in shares of Eagle Bancorp by 65.0% during the first quarter. Empowered Funds LLC now owns 91,087 shares of the financial services provider’s stock valued at $1,913,000 after acquiring an additional 35,898 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Eagle Bancorp by 15.1% during the second quarter. Invesco Ltd. now owns 442,614 shares of the financial services provider’s stock valued at $8,622,000 after acquiring an additional 58,212 shares during the last quarter. 78.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.