Eagle Bancorp (NASDAQ:EGBN) Posts Earnings Results, Misses Estimates By $0.11 EPS

Key Points

• Eagle Bancorp reported quarterly EPS of $0.23, missing analyst estimates by $0.11. Revenue also came in below expectations at $73.11 million versus $74.41 million forecast.
• The bank posted a negative net margin of 18.65% and a negative return on equity of 10.03%, highlighting continued profitability pressure.
• Shares fell to $26.92 after the report, while analysts currently have an average Hold rating and a $29.00 target price on the stock.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.11), FiscalAI reports. The company had revenue of $73.11 million for the quarter, compared to analysts' expectations 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 Price Performance

EGBN traded down $0.34 on Wednesday, hitting $26.92. 232,482 shares of the company's stock traded hands, compared to its average volume of 320,897. The company's 50 day simple moving average is $27.11 and its 200-day simple moving average is $25.97. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.07. Eagle Bancorp has a one year low of $15.03 and a one year high of $29.29. The firm has a market cap of $821.09 million, a price-to-earnings ratio of -7.10 and a beta of 0.96.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Eagle Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in shares of Eagle Bancorp by 8.9% during the first quarter. AQR Capital Management LLC now owns 219,930 shares of the financial services provider's stock valued at $4,619,000 after buying an additional 17,943 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Eagle Bancorp by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,581 shares of the financial services provider's stock worth $369,000 after acquiring an additional 780 shares during the last quarter. Millennium Management LLC boosted its position in shares of Eagle Bancorp by 164.6% during 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 during the last quarter. Empowered Funds LLC grew its stake in Eagle Bancorp by 65.0% during the first quarter. Empowered Funds LLC now owns 91,087 shares of the financial services provider's stock valued at $1,913,000 after acquiring an additional 35,898 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Eagle Bancorp by 15.1% during the second quarter. Invesco Ltd. now owns 442,614 shares of the financial services provider's stock valued at $8,622,000 after acquiring an additional 58,212 shares in the last quarter. 78.03% of the stock is owned by hedge funds and other institutional investors.

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.

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