Eagle Bancorp (NASDAQ:EGBN) Trading Up 5.8% Following Better-Than-Expected Earnings

Eagle Bancorp, Inc. (NASDAQ:EGBN) shares shot up 5.8% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $25.26 and last traded at $24.64. 68,754 shares were traded during mid-day trading, a decline of 78% from the average session volume of 319,215 shares. The stock had previously closed at $23.28.

The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.45 by $0.27. The business had revenue of $180.76 million for the quarter, compared to the consensus estimate of $80.31 million. Eagle Bancorp had a negative net margin of 5.28% and a positive return on equity of 5.50%. During the same period last year, the company earned $0.91 EPS.

Eagle Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, October 21st will be issued a dividend of $0.165 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $0.66 annualized dividend and a dividend yield of 2.52%. Eagle Bancorp’s dividend payout ratio is 26.29%.

Wall Street Analyst Weigh In

EGBN has been the subject of a number of analyst reports. Piper Sandler assumed coverage on Eagle Bancorp in a research report on Monday, October 21st. They issued a “neutral” rating and a $27.00 price target for the company. StockNews.com raised Eagle Bancorp from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Eagle Bancorp from $20.00 to $22.00 and gave the company a “market perform” rating in a research note on Monday, July 29th.

Institutional Investors Weigh In On Eagle Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System increased its holdings in shares of Eagle Bancorp by 434.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 46,699 shares of the financial services provider’s stock worth $1,097,000 after buying an additional 37,957 shares during the last quarter. Empowered Funds LLC bought a new position in Eagle Bancorp in the first quarter valued at $591,000. Vanguard Group Inc. raised its position in Eagle Bancorp by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 3,362,689 shares of the financial services provider’s stock valued at $101,351,000 after purchasing an additional 126,085 shares in the last quarter. Epoch Investment Partners Inc. raised its position in Eagle Bancorp by 76.9% during the first quarter. Epoch Investment Partners Inc. now owns 457,881 shares of the financial services provider’s stock valued at $10,756,000 after purchasing an additional 199,057 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Eagle Bancorp by 39.9% during the second quarter. Thrivent Financial for Lutherans now owns 115,739 shares of the financial services provider’s stock worth $2,188,000 after purchasing an additional 33,021 shares during the last quarter. 78.03% of the stock is owned by hedge funds and other institutional investors.

Eagle Bancorp Price Performance

The stock has a market capitalization of $790.07 million, a PE ratio of 10.43 and a beta of 1.09. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.42. The business has a fifty day moving average price of $22.43 and a 200-day moving average price of $20.56.

Eagle Bancorp Company Profile

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.