Eagle Bancorp (NASDAQ:EGBN) Issues Quarterly Earnings Results, Beats Expectations By $0.37 EPS

Eagle Bancorp (NASDAQ:EGBN) released its earnings results on Wednesday. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.37, Zacks reports. Eagle Bancorp had a negative net margin of 20.19% and a negative return on equity of 10.81%. The business had revenue of $80.50 million during the quarter, compared to the consensus estimate of $67.81 million.

Eagle Bancorp Trading Up 16.0%

NASDAQ EGBN opened at $27.88 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 0.07. Eagle Bancorp has a 52 week low of $15.03 and a 52 week high of $29.26. The business has a 50 day moving average price of $20.78 and a 200-day moving average price of $19.65. The company has a market cap of $846.72 million, a price-to-earnings ratio of -6.62 and a beta of 1.02.

Eagle Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Monday, February 2nd will be issued a dividend of $0.01 per share. The ex-dividend date is Monday, February 2nd. This represents a $0.04 annualized dividend and a dividend yield of 0.1%. Eagle Bancorp’s payout ratio is currently -1.01%.

Insiders Place Their Bets

In other Eagle Bancorp news, CFO Eric R. Newell acquired 3,050 shares of the stock in a transaction on Friday, November 14th. The shares were purchased at an average price of $16.55 per share, for a total transaction of $50,477.50. Following the completion of the acquisition, the chief financial officer owned 33,615 shares in the company, valued at approximately $556,328.25. This represents a 9.98% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Louis P. Jr. Mathews bought 1,500 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were acquired at an average cost of $17.20 per share, with a total value of $25,800.00. Following the completion of the transaction, the director owned 10,157 shares of the company’s stock, valued at $174,700.40. This represents a 17.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 6,050 shares of company stock valued at $101,538 in the last 90 days. 3.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EGBN. Hotchkis & Wiley Capital Management LLC lifted its stake in Eagle Bancorp by 5.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 644,957 shares of the financial services provider’s stock valued at $13,041,000 after acquiring an additional 32,787 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Eagle Bancorp in the third quarter valued at about $12,314,000. Millennium Management LLC lifted its position in shares of Eagle Bancorp by 135.6% during the third quarter. Millennium Management LLC now owns 444,631 shares of the financial services provider’s stock valued at $8,990,000 after purchasing an additional 255,932 shares in the last quarter. Invesco Ltd. boosted its holdings in Eagle Bancorp by 15.1% during the second quarter. Invesco Ltd. now owns 442,614 shares of the financial services provider’s stock worth $8,622,000 after purchasing an additional 58,212 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Eagle Bancorp by 75.4% in the 2nd quarter. AQR Capital Management LLC now owns 385,677 shares of the financial services provider’s stock worth $7,513,000 after purchasing an additional 165,747 shares in the last quarter. Hedge funds and other institutional investors own 78.03% of the company’s stock.

Wall Street Analyst Weigh In

EGBN has been the subject of several recent analyst reports. Zacks Research upgraded shares of Eagle Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Eagle Bancorp in a research report on Wednesday. Finally, Piper Sandler decreased their price target on Eagle Bancorp from $22.00 to $19.00 and set a “neutral” rating for the company in a report on Monday, October 27th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Eagle Bancorp currently has a consensus rating of “Hold” and an average price target of $21.25.

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.