Eagle Bancorp (NASDAQ:EGBN) Releases Quarterly Earnings Results

Eagle Bancorp (NASDAQ:EGBN) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.25 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.37, Zacks reports. Eagle Bancorp had a negative net margin of 18.65% and a negative return on equity of 10.07%.

Eagle Bancorp Price Performance

Shares of EGBN stock traded up $1.53 on Wednesday, hitting $24.03. 642,263 shares of the company’s stock were exchanged, compared to its average volume of 322,248. Eagle Bancorp has a 12 month low of $15.03 and a 12 month high of $27.07. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.86 and a quick ratio of 0.84. The company has a 50 day moving average of $20.40 and a 200 day moving average of $19.56. The stock has a market cap of $729.82 million, a P/E ratio of -6.07 and a beta of 1.02.

Insider Activity at Eagle Bancorp

In related news, CFO Eric R. Newell bought 3,050 shares of the business’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 of the company’s stock, valued at approximately $556,328.25. This represents a 9.98% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Louis P. Jr. Mathews acquired 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were purchased at an average cost of $17.20 per share, for a total transaction of $25,800.00. Following the acquisition, the director owned 10,157 shares in the company, valued at $174,700.40. This represents a 17.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 6,050 shares of company stock worth $101,538 over the last ninety days. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eagle Bancorp

A number of hedge funds have recently made changes to their positions in EGBN. Hotchkis & Wiley Capital Management LLC boosted its holdings in Eagle Bancorp by 5.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 644,957 shares of the financial services provider’s stock valued at $13,041,000 after acquiring an additional 32,787 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Eagle Bancorp in the 3rd quarter valued at $12,314,000. Millennium Management LLC boosted its stake in shares of Eagle Bancorp by 135.6% in the 3rd quarter. Millennium Management LLC now owns 444,631 shares of the financial services provider’s stock valued at $8,990,000 after purchasing an additional 255,932 shares during the last quarter. Invesco Ltd. increased its position 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 worth $8,622,000 after buying an additional 58,212 shares during the period. Finally, AQR Capital Management LLC raised its stake in Eagle Bancorp by 75.4% during the second quarter. AQR Capital Management LLC now owns 385,677 shares of the financial services provider’s stock worth $7,513,000 after buying an additional 165,747 shares during the last quarter. 78.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Eagle Bancorp Company Profile

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.