Eagle Bancorp (EGBN) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Eagle Bancorp (NASDAQ:EGBN) from a hold rating to a sell rating in a report issued on Monday morning, Zacks.com reports.

According to Zacks, “EAGLE BANCORP is the holding company for EagleBank. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking services through nine offices, located in Montgomery County, Maryland and Washington, D.C. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace. “

Other research analysts have also recently issued reports about the stock. Boenning Scattergood reissued an outperform rating on shares of Eagle Bancorp in a research note on Thursday, April 18th. FIG Partners reissued an outperform rating on shares of Eagle Bancorp in a research note on Wednesday, April 3rd. TheStreet raised shares of Eagle Bancorp from a c+ rating to a b- rating in a research note on Thursday, January 31st. ValuEngine raised shares of Eagle Bancorp from a sell rating to a hold rating in a research note on Wednesday, February 20th. Finally, BidaskClub raised shares of Eagle Bancorp from a strong sell rating to a sell rating in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $63.00.

Shares of EGBN stock traded down $0.51 during midday trading on Monday, reaching $55.22. 19,732 shares of the company traded hands, compared to its average volume of 151,494. Eagle Bancorp has a 1-year low of $45.15 and a 1-year high of $65.42. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.53 and a beta of 0.98.

Eagle Bancorp (NASDAQ:EGBN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.02). Eagle Bancorp had a return on equity of 14.28% and a net margin of 34.72%. The business had revenue of $81.02 million for the quarter, compared to analysts’ expectations of $82.25 million. During the same period last year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Eagle Bancorp will post 4.58 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.88 annualized dividend and a yield of 1.59%.

A number of hedge funds have recently added to or reduced their stakes in EGBN. BlackRock Inc. grew its stake in Eagle Bancorp by 116.0% in the 4th quarter. BlackRock Inc. now owns 4,632,566 shares of the financial services provider’s stock worth $225,653,000 after acquiring an additional 2,487,550 shares during the period. Victory Capital Management Inc. grew its stake in Eagle Bancorp by 59.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,985,980 shares of the financial services provider’s stock worth $96,737,000 after acquiring an additional 741,131 shares during the period. Voya Investment Management LLC grew its stake in Eagle Bancorp by 4,252.5% in the 1st quarter. Voya Investment Management LLC now owns 592,241 shares of the financial services provider’s stock worth $29,730,000 after acquiring an additional 578,634 shares during the period. Norges Bank purchased a new stake in Eagle Bancorp in the 4th quarter worth approximately $16,754,000. Finally, Principal Financial Group Inc. grew its stake in Eagle Bancorp by 3,311.2% in the 4th quarter. Principal Financial Group Inc. now owns 256,559 shares of the financial services provider’s stock worth $12,497,000 after acquiring an additional 249,038 shares during the period. 79.47% of the stock is owned by hedge funds and other institutional investors.

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. It accepts business and personal checking, NOW, tiered savings, and money market accounts, as well as individual retirement and investment sweep accounts; and time deposits.

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Analyst Recommendations for Eagle Bancorp (NASDAQ:EGBN)

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