Eagle Bancorp (NASDAQ:EGBN) Given New $18.00 Price Target at Piper Sandler

Key Points

• Analysts at Piper Sandler have lowered their price target for Eagle Bancorp (NASDAQ:EGBN) from $21.00 to $18.00, maintaining a "neutral" rating.
• The financial services provider recently reported a significant loss of ($2.30) earnings per share, missing consensus estimates by $2.70.
• Currently, 78.03% of Eagle Bancorp's stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) had its target price lowered by analysts at Piper Sandler from $21.00 to $18.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price target would indicate a potential upside of 10.63% from the company's previous close.

EGBN has been the subject of several other research reports. Keefe, Bruyette & Woods cut their target price on Eagle Bancorp from $25.00 to $22.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Jefferies Financial Group set a $20.00 target price on Eagle Bancorp and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Janney Montgomery Scott upgraded Eagle Bancorp from a "neutral" rating to a "buy" rating and set a $24.00 target price for the company in a research note on Tuesday, June 10th. Finally, Wall Street Zen downgraded Eagle Bancorp from a "hold" rating to a "strong sell" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, Eagle Bancorp presently has a consensus rating of "Hold" and a consensus target price of $21.00.

Eagle Bancorp Stock Performance

Shares of EGBN stock traded down $0.11 on Wednesday, hitting $16.27. 195,826 shares of the stock were exchanged, compared to its average volume of 393,328. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $494.28 million, a PE ratio of -15.95 and a beta of 1.07. Eagle Bancorp has a one year low of $15.47 and a one year high of $30.94. The firm's 50 day moving average is $18.63 and its two-hundred day moving average is $20.52.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported ($2.30) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.70). The firm had revenue of $74.19 million for the quarter, compared to the consensus estimate of $73.03 million. Eagle Bancorp had a negative return on equity of 2.54% and a negative net margin of 4.60%. Sell-side analysts expect that Eagle Bancorp will post 2.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eagle Bancorp

Several hedge funds have recently made changes to their positions in EGBN. Fourthstone LLC increased its stake in shares of Eagle Bancorp by 382.7% during the fourth quarter. Fourthstone LLC now owns 1,276,653 shares of the financial services provider's stock valued at $33,231,000 after buying an additional 1,012,182 shares during the period. North Reef Capital Management LP boosted its position in shares of Eagle Bancorp by 251.9% during the fourth quarter. North Reef Capital Management LP now owns 967,593 shares of the financial services provider's stock valued at $25,186,000 after purchasing an additional 692,593 shares in the last quarter. BlackBarn Capital Partners LP bought a new stake in shares of Eagle Bancorp during the first quarter valued at approximately $7,980,000. Nuveen LLC bought a new stake in shares of Eagle Bancorp during the first quarter valued at approximately $7,275,000. Finally, Millennium Management LLC boosted its holdings in Eagle Bancorp by 164.6% in the first quarter. Millennium Management LLC now owns 314,370 shares of the financial services provider's stock worth $6,602,000 after acquiring an additional 195,567 shares in the last quarter. 78.03% of the stock is owned by hedge funds and other institutional investors.

Eagle Bancorp Company Profile

Eagle Bancorp, Inc operates as the bank holding company for EagleBank that provides commercial and consumer banking services primarily in the United States. The company also offers various commercial and consumer lending products comprising commercial loans for working capital, equipment purchases, real estate lines of credit, and government contract financing; asset based lending and accounts receivable financing; construction and commercial real estate loans; business equipment financing; consumer home equity lines of credit, personal lines of credit, and term loans; consumer installment loans, such as auto and personal loans; personal credit cards; and residential mortgage loans.

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