Eagle Bancorp (NASDAQ:EGBN) Coverage Initiated by Analysts at Hovde Group

Key Points

• Hovde Group initiated coverage of Eagle Bancorp with an “outperform” rating and a $37 price target, implying approximately 32% upside from the prior close.
• Analyst sentiment remains mixed: Eagle Bancorp has an average “hold” rating and a consensus price target of $31, with ratings ranging from strong buy to sell.
• The bank reported quarterly EPS of $0.23, below the $0.34 consensus estimate, while revenue of $73.11 million also missed expectations; institutional investors own approximately 78.03% of the stock.

Stock analysts at Hovde Group initiated coverage on shares of Eagle Bancorp (NASDAQ:EGBN - Get Free Report) in a report issued on Wednesday, MarketBeat.com reports. The firm set an "outperform" rating and a $37.00 price target on the financial services provider's stock. Hovde Group's price target points to a potential upside of 32.00% from the stock's previous close.

EGBN has been the subject of a number of other reports. Zacks Research raised Eagle Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 27th. Piper Sandler boosted their price objective 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, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eagle Bancorp in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Eagle Bancorp presently has an average rating of "Hold" and an average price target of $31.00.

Eagle Bancorp Stock Performance

EGBN stock opened at $28.03 on Wednesday. Eagle Bancorp has a twelve month low of $15.03 and a twelve month high of $29.29. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.07. The company has a market cap of $854.35 million, a P/E ratio of -22.25 and a beta of 0.98. The business's fifty day moving average is $28.01 and its 200-day moving average is $27.19.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.11). Eagle Bancorp had a negative net margin of 6.43% and a negative return on equity of 3.37%. The company had revenue of $73.11 million during the quarter, compared to the consensus estimate of $74.41 million. Equities research analysts forecast that Eagle Bancorp will post 1.52 EPS for the current year.

Institutional Investors Weigh In On Eagle Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in EGBN. Public Employees Retirement System of Ohio bought a new position in Eagle Bancorp during the 2nd quarter worth about $39,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Eagle Bancorp in the 1st quarter valued at about $37,000. Integrated Wealth Concepts LLC bought a new stake in shares of Eagle Bancorp in the second quarter valued at about $62,000. Versant Capital Management Inc boosted its position in shares of Eagle Bancorp by 16.2% during 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 during the period. Finally, Fifth Third Bancorp boosted its position in shares of Eagle Bancorp by 10,807.4% during the first quarter. Fifth Third Bancorp now owns 5,890 shares of the financial services provider's stock worth $146,000 after buying an additional 5,836 shares during the period. 78.03% of the stock is currently owned by institutional investors and hedge funds.

About Eagle Bancorp

Eagle Bancorp, Inc is the bank holding company for EagleBank, a commercial bank serving businesses, professionals, nonprofit organizations and individuals. The company is headquartered in Bethesda, Maryland, and its primary market includes the Washington, DC, metropolitan area, including suburban Maryland and Northern Virginia.

EagleBank provides commercial banking products and services such as business and commercial real estate lending, construction and acquisition financing, commercial and industrial loans, residential and consumer lending, deposit accounts, cash-management services and online banking.

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