Eagle Bancorp (NASDAQ:EGBN) Shares Gap Down Following Weak Earnings

Eagle Bancorp, Inc. (NASDAQ:EGBN) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.94, but opened at $24.10. Eagle Bancorp shares last traded at $25.9390, with a volume of 92,843 shares.

The financial services provider reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.11). The firm had revenue of $73.11 million for the quarter, compared to the consensus estimate of $74.41 million. Eagle Bancorp had a negative net margin of 18.65% and a negative return on equity of 10.03%.

Eagle Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Thursday, August 6th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. Eagle Bancorp’s dividend payout ratio is currently -1.06%.

Wall Street Analyst Weigh In

EGBN has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Eagle Bancorp in a research note on Friday, June 5th. Zacks Research lowered shares of Eagle Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Piper Sandler upped their target price on shares of Eagle Bancorp from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Raymond James Financial assumed coverage on shares of Eagle Bancorp in a research report on Tuesday, April 14th. They issued a “strong-buy” rating and a $32.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $29.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its holdings in shares of Eagle Bancorp by 16.2% in the second quarter. Versant Capital Management Inc now owns 3,545 shares of the financial services provider’s stock worth $101,000 after buying an additional 493 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Eagle Bancorp by 13.3% in the 1st quarter. Royal Bank of Canada now owns 19,279 shares of the financial services provider’s stock worth $479,000 after buying an additional 2,263 shares during the last quarter. Empowered Funds LLC raised its position in shares of Eagle Bancorp by 15.2% during the 1st quarter. Empowered Funds LLC now owns 113,806 shares of the financial services provider’s stock valued at $2,830,000 after buying an additional 15,006 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Eagle Bancorp by 15.2% during the 1st quarter. Quantinno Capital Management LP now owns 187,900 shares of the financial services provider’s stock valued at $4,673,000 after buying an additional 24,842 shares in the last quarter. Finally, Caxton Associates LLP lifted its holdings in shares of Eagle Bancorp by 8.5% in the 1st quarter. Caxton Associates LLP now owns 62,368 shares of the financial services provider’s stock valued at $1,551,000 after acquiring an additional 4,892 shares during the last quarter. 78.03% of the stock is owned by hedge funds and other institutional investors.

Eagle Bancorp Trading Down 3.0%

The stock has a market cap of $796.78 million, a P/E ratio of -6.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s fifty day moving average is $27.15 and its 200 day moving average is $26.01.

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.