Zacks Research Downgrades Eagle Bancorp (NASDAQ:EGBN) to Hold

Eagle Bancorp (NASDAQ:EGBN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also commented on EGBN. UBS Group set a $25.00 price target on Eagle Bancorp in a report on Tuesday, January 27th. Piper Sandler upped their price objective on Eagle Bancorp from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Eagle Bancorp in a research report on Wednesday, January 21st. One equities research 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.com, the stock presently has an average rating of “Hold” and a consensus price target of $23.60.

Eagle Bancorp Stock Performance

Eagle Bancorp stock traded down $0.55 during midday trading on Tuesday, reaching $25.28. 97,125 shares of the stock traded hands, compared to its average volume of 373,532. Eagle Bancorp has a fifty-two week low of $15.03 and a fifty-two week high of $29.26. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.07. The firm has a market cap of $767.78 million, a price-to-earnings ratio of -6.00 and a beta of 1.03. The firm has a fifty day moving average price of $24.60 and a two-hundred day moving average price of $21.21.

Eagle Bancorp (NASDAQ:EGBN) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.37. Eagle Bancorp had a negative return on equity of 10.91% and a negative net margin of 20.19%.The company had revenue of $80.50 million for the quarter, compared to analysts’ expectations of $67.81 million. On average, equities research analysts forecast that Eagle Bancorp will post 2.31 earnings per share for the current year.

Hedge Funds Weigh In On Eagle Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGBN. AQR Capital Management LLC increased its holdings in shares of Eagle Bancorp by 8.9% during the 1st quarter. AQR Capital Management LLC now owns 219,930 shares of the financial services provider’s stock worth $4,619,000 after purchasing an additional 17,943 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Eagle Bancorp by 4.6% in 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 period. Millennium Management LLC grew its holdings in shares of Eagle Bancorp by 164.6% during the 1st quarter. Millennium Management LLC now owns 314,370 shares of the financial services provider’s stock worth $6,602,000 after purchasing an additional 195,567 shares in the last quarter. Empowered Funds LLC increased its position 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 purchasing an additional 35,898 shares during the period. Finally, Huntington National Bank raised its stake in shares of Eagle Bancorp by 1,307.8% in the second quarter. Huntington National Bank now owns 5,406 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 5,022 shares in the last quarter. 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.