Eagle Bancorp (NASDAQ:EGBN) Shares Gap Down on Disappointing Earnings

Eagle Bancorp, Inc. (NASDAQ:EGBN - Get Free Report) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $21.49, but opened at $20.44. Eagle Bancorp shares last traded at $16.80, with a volume of 488,844 shares changing hands.

The financial services provider reported ($2.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($2.70). The company had revenue of $74.19 million during the quarter, compared to analysts' expectations of $73.03 million. Eagle Bancorp had a negative net margin of 6.52% and a positive return on equity of 4.86%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EGBN. Keefe, Bruyette & Woods cut their target price on shares of Eagle Bancorp from $25.00 to $22.00 and set a "market perform" rating for the company in a research report on Monday, April 28th. Janney Montgomery Scott upgraded Eagle Bancorp from a "neutral" rating to a "buy" rating and set a $24.00 price objective on the stock in a research report on Tuesday, June 10th. Jefferies Financial Group set a $20.00 price objective on Eagle Bancorp and gave the company a "hold" rating in a research report on Wednesday, May 21st. Piper Sandler reduced their price objective on Eagle Bancorp from $25.00 to $21.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Finally, Wall Street Zen upgraded Eagle Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Four 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $21.75.

Institutional Trading of Eagle Bancorp

Several large investors have recently added to or reduced their stakes in EGBN. Russell Investments Group Ltd. increased its position in shares of 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 purchasing an additional 933 shares during the period. Graham Capital Management L.P. acquired a new stake in shares of Eagle Bancorp in the fourth quarter worth $220,000. New York State Common Retirement Fund boosted its position in shares of Eagle Bancorp by 13.2% in the first quarter. New York State Common Retirement Fund now owns 8,549 shares of the financial services provider's stock worth $180,000 after buying an additional 1,000 shares during the period. Focus Partners Wealth acquired a new stake in shares of Eagle Bancorp in the fourth quarter worth $224,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Eagle Bancorp in the fourth quarter worth $232,000. 78.03% of the stock is currently owned by institutional investors and hedge funds.

Eagle Bancorp Trading Down 22.1%

The firm has a market cap of $508.26 million, a price-to-earnings ratio of -11.08 and a beta of 1.05. The company has a 50-day moving average price of $18.94 and a 200 day moving average price of $21.05. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06.

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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