Bank of America Corp DE Sells 116,792 Shares of Eagle Bancorp, Inc. $EGBN

Key Points

• Bank of America cut its Eagle Bancorp stake by 34.3% in the first quarter, selling 116,792 shares and retaining 224,042 shares valued at approximately $5.6 million. Institutional investors collectively own 78.03% of the company.
• Analyst sentiment is cautious: Eagle Bancorp has an average rating of “Hold” and a $29 price target, while Weiss Ratings and Zacks Research issued sell-oriented ratings.
• Eagle Bancorp missed quarterly earnings expectations, reporting $0.23 in EPS versus the $0.34 consensus estimate and $73.11 million in revenue versus $74.41 million expected. The company paid a quarterly dividend of $0.01, equal to a 0.1% annualized yield.

Bank of America Corp DE reduced its position in shares of Eagle Bancorp, Inc. (NASDAQ:EGBN - Free Report) by 34.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 224,042 shares of the financial services provider's stock after selling 116,792 shares during the quarter. Bank of America Corp DE owned about 0.73% of Eagle Bancorp worth $5,572,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in shares of Eagle Bancorp by 128.6% during the fourth quarter. Farther Finance Advisors LLC now owns 1,390 shares of the financial services provider's stock worth $30,000 after purchasing an additional 782 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in shares of Eagle Bancorp in the 1st quarter worth $37,000. Tower Research Capital LLC TRC grew its position in Eagle Bancorp by 113.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,092 shares of the financial services provider's stock valued at $80,000 after purchasing an additional 2,172 shares during the period. Raymond James Financial Inc. bought a new stake in Eagle Bancorp during the 2nd quarter valued at $99,000. Finally, Fifth Third Bancorp increased its stake in Eagle Bancorp by 10,807.4% during the 1st quarter. Fifth Third Bancorp now owns 5,890 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 5,836 shares in the last quarter. Institutional investors and hedge funds own 78.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on EGBN shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eagle Bancorp in a research note on Friday, June 5th. Piper Sandler boosted their target price on shares of Eagle Bancorp from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Finally, Zacks Research lowered shares of Eagle Bancorp from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $29.00.

Eagle Bancorp Price Performance

EGBN opened at $27.62 on Friday. Eagle Bancorp, Inc. has a 1 year low of $15.03 and a 1 year high of $29.29. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $841.86 million, a price-to-earnings ratio of -21.92 and a beta of 0.96. The firm's fifty day moving average price is $27.82 and its two-hundred day moving average price is $26.70.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.23 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.11). Eagle Bancorp had a negative net margin of 6.43% and a negative return on equity of 3.37%. The firm had revenue of $73.11 million during the quarter, compared to analysts' expectations of $74.41 million. As a group, analysts anticipate that Eagle Bancorp, Inc. will post 1.52 earnings per share for the current fiscal year.

Eagle Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Thursday, August 6th were paid a $0.01 dividend. The ex-dividend date was Thursday, August 6th. This represents a $0.04 annualized dividend and a yield of 0.1%. Eagle Bancorp's dividend payout ratio (DPR) is -3.17%.

Eagle Bancorp Company Profile

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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