BlackBarn Capital Partners LP Acquires New Position in Eagle Bancorp, Inc. $EGBN

Key Points

• BlackBarn Capital Partners LP has taken a new position in Eagle Bancorp, acquiring 380,000 shares worth approximately $7.98 million, which represents about 0.5% of its portfolio.
• Eagle Bancorp reported a significant earnings miss for the last quarter, with a loss of $2.30 per share compared to analysts' expectations of a $0.40 gain.
• The company announced a quarterly dividend of $0.165 per share, yielding 3.4%, with the payout ratio currently at -64.71%.

BlackBarn Capital Partners LP acquired a new position in shares of Eagle Bancorp, Inc. (NASDAQ:EGBN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 380,000 shares of the financial services provider's stock, valued at approximately $7,980,000. Eagle Bancorp comprises 0.5% of BlackBarn Capital Partners LP's holdings, making the stock its 13th largest position. BlackBarn Capital Partners LP owned about 1.25% of Eagle Bancorp at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Eagle Bancorp by 72.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 19,640 shares of the financial services provider's stock worth $412,000 after buying an additional 8,277 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Eagle Bancorp by 24.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 10,142 shares of the financial services provider's stock worth $213,000 after buying an additional 2,000 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Eagle Bancorp during the 1st quarter worth about $3,532,000. GAMMA Investing LLC boosted its stake in shares of Eagle Bancorp by 1,812.4% during the 1st quarter. GAMMA Investing LLC now owns 68,082 shares of the financial services provider's stock worth $1,430,000 after buying an additional 64,522 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC boosted its stake in shares of Eagle Bancorp by 91.0% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 40,170 shares of the financial services provider's stock worth $844,000 after buying an additional 19,135 shares during the last quarter. 78.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group set a $20.00 target price on shares of Eagle Bancorp and gave the company a "hold" rating in a report on Wednesday, May 21st. Janney Montgomery Scott raised shares of Eagle Bancorp from a "neutral" rating to a "buy" rating and set a $24.00 target price on the stock in a report on Tuesday, June 10th. Wall Street Zen cut shares of Eagle Bancorp from a "hold" rating to a "strong sell" rating in a report on Saturday, July 26th. Finally, 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. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Eagle Bancorp has an average rating of "Hold" and a consensus target price of $21.00.

Eagle Bancorp Stock Performance

Shares of EGBN traded down $0.29 during mid-day trading on Thursday, hitting $19.13. 87,502 shares of the company's stock were exchanged, compared to its average volume of 413,461. Eagle Bancorp, Inc. has a 52 week low of $15.47 and a 52 week high of $30.94. The stock's 50-day simple moving average is $18.80 and its 200-day simple moving average is $19.69. The firm has a market cap of $580.96 million, a price-to-earnings ratio of -18.75 and a beta of 1.07. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.06.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported ($2.30) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.70). Eagle Bancorp had a negative return on equity of 2.54% and a negative net margin of 4.60%.The business had revenue of $74.19 million for the quarter, compared to the consensus estimate of $73.03 million. On average, equities research analysts expect that Eagle Bancorp, Inc. will post 2.31 EPS for the current year.

Eagle Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 8th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, August 8th. Eagle Bancorp's dividend payout ratio (DPR) is -64.71%.

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.