Eagle Bancorp (NASDAQ:EGBN) Stock Price Up 5.8% Following Earnings Beat

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

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

Eagle Bancorp Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler initiated coverage on shares of Eagle Bancorp in a research report on Monday, October 21st. They set a “neutral” rating and a $27.00 target price on the stock. Keefe, Bruyette & Woods increased their price target on shares of Eagle Bancorp from $20.00 to $22.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, StockNews.com upgraded shares of Eagle Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new stake in shares of Eagle Bancorp during the second quarter worth approximately $35,000. GAMMA Investing LLC increased its stake in Eagle Bancorp by 102.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,444 shares of the financial services provider’s stock valued at $55,000 after buying an additional 1,234 shares during the period. Nisa Investment Advisors LLC increased its stake in Eagle Bancorp by 49.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,546 shares of the financial services provider’s stock valued at $57,000 after buying an additional 846 shares during the period. Carmichael Hill & Associates Inc. raised its position in Eagle Bancorp by 36.1% during the 2nd quarter. Carmichael Hill & Associates Inc. now owns 2,721 shares of the financial services provider’s stock worth $51,000 after buying an additional 721 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Eagle Bancorp in the 2nd quarter worth $89,000. 78.03% of the stock is currently owned by hedge funds and other institutional investors.

Eagle Bancorp Trading Down 2.6 %

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.42. The company’s fifty day moving average price is $22.43 and its two-hundred day moving average price is $20.56. The firm has a market cap of $790.07 million, a PE ratio of 10.43 and a beta of 1.09.

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.