Eagle Bancorp (EGBN) Lowered to “Hold” at Zacks Investment Research

Eagle Bancorp (NASDAQ:EGBN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “EAGLE BANCORP is the holding company for EagleBank. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking services through nine offices, located in Montgomery County, Maryland and Washington, D.C. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace. “

A number of other brokerages have also commented on EGBN. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $64.00 price target on shares of Eagle Bancorp in a report on Tuesday, October 3rd. Boenning Scattergood reissued a “buy” rating on shares of Eagle Bancorp in a research note on Thursday, October 19th. Finally, BidaskClub raised shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 15th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $66.25.

Shares of Eagle Bancorp (EGBN) traded up $1.20 during trading hours on Thursday, hitting $61.70. 115,909 shares of the stock were exchanged, compared to its average volume of 171,451. The firm has a market capitalization of $2,070.00, a price-to-earnings ratio of 19.40 and a beta of 0.87. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23. Eagle Bancorp has a 52 week low of $46.20 and a 52 week high of $69.80.

Eagle Bancorp (NASDAQ:EGBN) last issued its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. The company had revenue of $71.94 million for the quarter, compared to analyst estimates of $72.66 million. Eagle Bancorp had a net margin of 32.40% and a return on equity of 12.37%. Eagle Bancorp’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. research analysts anticipate that Eagle Bancorp will post 3.34 earnings per share for the current fiscal year.

In related news, CEO Ronald D. Paul sold 5,000 shares of Eagle Bancorp stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $66.47, for a total transaction of $332,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harvey Michael Goodman sold 3,000 shares of Eagle Bancorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $67.00, for a total transaction of $201,000.00. The disclosure for this sale can be found here. Insiders have sold 39,959 shares of company stock valued at $2,682,251 in the last three months. 8.39% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Eagle Bancorp by 158.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,896 shares of the financial services provider’s stock worth $120,000 after buying an additional 1,162 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in Eagle Bancorp by 38.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,874 shares of the financial services provider’s stock worth $182,000 after buying an additional 800 shares during the last quarter. Zions Bancorporation bought a new stake in Eagle Bancorp in the third quarter valued at $231,000. D.A. Davidson & CO. increased its stake in Eagle Bancorp by 49.9% in the second quarter. D.A. Davidson & CO. now owns 3,537 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 1,177 shares in the last quarter. Finally, Amalgamated Bank increased its stake in Eagle Bancorp by 7.5% in the second quarter. Amalgamated Bank now owns 4,052 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 283 shares in the last quarter. 68.23% of the stock is owned by institutional investors and hedge funds.

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Eagle Bancorp Company Profile

Eagle Bancorp, Inc is a bank holding company for EagleBank (the Bank). The Bank is the Company’s principal operating subsidiary. The Bank is a chartered commercial bank. As of December 31, 2016, the Bank operated 21 banking offices: seven in Montgomery County, Maryland; five located in the District of Columbia, and nine in Northern Virginia.

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