Janney Montgomery Scott Upgrades Eagle Bancorp (NASDAQ:EGBN) to "Buy"

Janney Montgomery Scott upgraded shares of Eagle Bancorp (NASDAQ:EGBN - Free Report) from a neutral rating to a buy rating in a research note released on Tuesday, MarketBeat Ratings reports. Janney Montgomery Scott currently has $24.00 price objective on the financial services provider's stock.

Several other research firms have also recently issued reports on EGBN. Keefe, Bruyette & Woods cut their target price on Eagle Bancorp from $25.00 to $22.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Jefferies Financial Group set a $20.00 target price on Eagle Bancorp and gave the company a "hold" rating in a research note on Wednesday, May 21st. Finally, Piper Sandler dropped their price target on Eagle Bancorp from $25.00 to $21.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $21.75.

Eagle Bancorp Trading Up 6.1%

Shares of NASDAQ:EGBN traded up $1.08 during trading on Tuesday, reaching $18.76. 499,100 shares of the company traded hands, compared to its average volume of 328,065. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. Eagle Bancorp has a 52-week low of $15.99 and a 52-week high of $30.94. The firm has a market capitalization of $569.87 million, a price-to-earnings ratio of -11.95 and a beta of 1.03. The business's fifty day moving average is $18.66 and its 200-day moving average is $22.82.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.40). Eagle Bancorp had a negative net margin of 6.65% and a positive return on equity of 4.68%. The firm had revenue of $73.86 million for the quarter, compared to analysts' expectations of $71.93 million. As a group, analysts forecast that Eagle Bancorp will post 2.31 EPS for the current year.

Eagle Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Monday, May 5th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend was Monday, May 5th. Eagle Bancorp's payout ratio is presently -44.00%.

Hedge Funds Weigh In On Eagle Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGBN. Smartleaf Asset Management LLC lifted its position in Eagle Bancorp by 353.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 994 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 775 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Eagle Bancorp in the 4th quarter worth approximately $59,000. Russell Investments Group Ltd. increased its position in Eagle Bancorp by 42.0% during the 4th quarter. Russell Investments Group Ltd. now owns 3,153 shares of the financial services provider's stock valued at $82,000 after buying an additional 933 shares in the last quarter. New York State Common Retirement Fund increased its position in Eagle Bancorp by 13.2% during the 1st quarter. New York State Common Retirement Fund now owns 8,549 shares of the financial services provider's stock valued at $180,000 after buying an additional 1,000 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Eagle Bancorp during the first quarter valued at $205,000. Hedge funds and other institutional investors own 78.03% of the company's stock.

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.