Eagle Bancorp (NASDAQ:EGBN) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Eagle Bancorp shares rose above their 200-day moving average, reaching $27.95 before closing at $27.63, compared with the average of $26.70.
• Analyst sentiment remains mixed to negative: Zacks Research downgraded the stock to “strong sell,” while Piper Sandler maintained a “neutral” rating. The consensus rating is “Hold,” with an average price target of $29.
• The company’s latest quarterly results fell short of expectations, with earnings of $0.23 per share versus estimates of $0.34 and revenue of $73.11 million versus $74.41 million expected. Eagle Bancorp also paid a quarterly dividend of $0.01 per share.

Eagle Bancorp, Inc. (NASDAQ:EGBN - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $26.70 and traded as high as $27.95. Eagle Bancorp shares last traded at $27.63, with a volume of 173,466 shares changing hands.

Analyst Ratings Changes

EGBN has been the subject of several recent analyst reports. Zacks Research downgraded Eagle Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 29th. Piper Sandler boosted their price target on Eagle Bancorp from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Eagle Bancorp in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Eagle Bancorp has a consensus rating of "Hold" and an average price target of $29.00.

Eagle Bancorp Trading Down 0.2%

The firm has a market cap of $842.16 million, a P/E ratio of -21.93 and a beta of 0.96. The business's 50 day moving average is $27.82 and its 200-day moving average is $26.70. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.07.

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

Eagle Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Thursday, August 6th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Thursday, August 6th. Eagle Bancorp's dividend payout ratio is -3.17%.

Hedge Funds Weigh In On Eagle Bancorp

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in 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 valued at $30,000 after buying an additional 782 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Eagle Bancorp in the 1st quarter worth approximately $37,000. Public Employees Retirement System of Ohio acquired a new position in shares of Eagle Bancorp in the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC increased its holdings in shares of 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 acquiring an additional 2,172 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Eagle Bancorp in the 2nd quarter valued at approximately $99,000. 78.03% of the stock is currently owned by institutional investors and hedge funds.

About Eagle Bancorp

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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