Eagle Bancorp (NASDAQ:EGBN) Announces Earnings Results, Misses Estimates By $1.92 EPS

Key Points

• Eagle Bancorp reported a quarterly EPS of ($2.22), missing the consensus estimate of ($0.07) by ($2.15).
• The company's stock is currently trading around $19.38, down from a 12-month high of $30.94.
• Institutional investors own 78.03% of Eagle Bancorp's stock, indicating strong interest among hedge funds.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) released its earnings results on Wednesday. The financial services provider reported ($2.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.30) by ($1.92), Zacks reports. Eagle Bancorp had a negative return on equity of 2.54% and a negative net margin of 4.60%.The firm had revenue of $70.65 million for the quarter, compared to analyst estimates of $69.03 million.

Eagle Bancorp Stock Down 0.4%

EGBN stock opened at $19.38 on Thursday. Eagle Bancorp has a 52-week low of $15.47 and a 52-week high of $30.94. The company's 50 day simple moving average is $19.95 and its 200-day simple moving average is $19.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $588.57 million, a P/E ratio of -19.00 and a beta of 1.13.

Eagle Bancorp Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Monday, November 3rd will be issued a dividend of $0.01 per share. The ex-dividend date is Monday, November 3rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. Eagle Bancorp's payout ratio is currently -64.71%.

Institutional Investors Weigh In On Eagle Bancorp

Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in shares of Eagle Bancorp by 113.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,092 shares of the financial services provider's stock valued at $80,000 after acquiring an additional 2,172 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Eagle Bancorp during the second quarter valued at approximately $99,000. Cerity Partners LLC raised its holdings in shares of Eagle Bancorp by 20.8% during the second quarter. Cerity Partners LLC now owns 16,689 shares of the financial services provider's stock valued at $325,000 after acquiring an additional 2,871 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 valued at $369,000 after acquiring an additional 780 shares during the period. Finally, Sei Investments Co. increased its stake in Eagle Bancorp by 22.7% in the 2nd quarter. Sei Investments Co. now owns 25,573 shares of the financial services provider's stock valued at $498,000 after buying an additional 4,732 shares during the period. Institutional investors and hedge funds own 78.03% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EGBN. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Eagle Bancorp in a research note on Wednesday, October 8th. Piper Sandler dropped their target price on shares of Eagle Bancorp from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Zacks Research upgraded shares of Eagle Bancorp from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Finally, Wall Street Zen downgraded shares of Eagle Bancorp from a "hold" rating to a "strong sell" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Eagle Bancorp currently has an average rating of "Hold" and a consensus target price of $21.00.

About Eagle Bancorp

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.