Eagle Bancorp (NASDAQ:EGBN) Sets New 12-Month High on Strong Earnings

Key Points

• Eagle Bancorp shares reached a new 52-week high after the company reported quarterly EPS of $0.79, beating the $0.34 consensus estimate by $0.45. Revenue of $70.87 million was slightly below the $71.78 million forecast.
• The company declared a quarterly dividend of $0.01 per share, equivalent to a $0.04 annualized payout and a 0.1% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $31.00; institutional investors own approximately 78.03% of the stock.

Shares of Eagle Bancorp, Inc. (NASDAQ:EGBN - Get Free Report) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $30.82 and last traded at $31.1960, with a volume of 40,521 shares traded. The stock had previously closed at $28.53.

The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.34 by $0.45. Eagle Bancorp had a negative net margin of 6.43% and a negative return on equity of 3.37%. The firm had revenue of $70.87 million for the quarter, compared to the consensus estimate of $71.78 million.

Eagle Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, November 6th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Friday, November 6th. Eagle Bancorp's dividend payout ratio is presently -3.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Piper Sandler raised their target price on shares of Eagle Bancorp from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Zacks Research raised shares of Eagle Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eagle Bancorp in a research report on Wednesday, September 2nd. Finally, Hovde Group initiated coverage on shares of Eagle Bancorp in a research note on Wednesday, October 7th. They set an "outperform" rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $31.00.

Institutional Investors Weigh In On Eagle Bancorp

Several hedge funds have recently modified their holdings of EGBN. Cyndeo Wealth Partners LLC purchased a new stake in Eagle Bancorp during the 3rd quarter worth approximately $200,000. Fortitude Family Office LLC raised its holdings in shares of Eagle Bancorp by 2,280.6% during the third quarter. Fortitude Family Office LLC now owns 1,714 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 1,642 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Eagle Bancorp in the second quarter valued at approximately $62,000. Corient Private Wealth LP lifted its position in shares of Eagle Bancorp by 61.2% in the second quarter. Corient Private Wealth LP now owns 28,104 shares of the financial services provider's stock valued at $798,000 after acquiring an additional 10,669 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Eagle Bancorp by 15.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,033 shares of the financial services provider's stock valued at $1,392,000 after acquiring an additional 6,487 shares in the last quarter. 78.03% of the stock is owned by hedge funds and other institutional investors.

Eagle Bancorp Price Performance

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 stock has a 50 day moving average price of $28.05 and a 200-day moving average price of $27.43. The stock has a market capitalization of $952.78 million, a price-to-earnings ratio of -24.81 and a beta of 0.98.

Eagle Bancorp Company Profile

Eagle Bancorp, Inc is the bank holding company for EagleBank, a commercial banking institution headquartered in Bethesda, Maryland. Founded in 1998, EagleBank serves businesses, professional practices, nonprofit organizations and individual customers primarily in the Washington, DC, metropolitan region, including communities in Maryland and Northern Virginia.

EagleBank provides commercial and retail banking services, including business and personal checking and savings accounts, commercial real estate lending, construction financing, commercial and industrial loans, residential mortgages and other credit products.

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