Eagle Bancorp (NASDAQ:EGBN) Trading 5.8% Higher - Here's What Happened

Eagle Bancorp, Inc. (NASDAQ:EGBN - Get Free Report)'s stock price rose 5.8% on Thursday . The company traded as high as $25.26 and last traded at $24.64. Approximately 68,754 shares were traded during trading, a decline of 78% from the average daily volume of 319,215 shares. The stock had previously closed at $23.28.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EGBN. Keefe, Bruyette & Woods raised their target price on shares of Eagle Bancorp from $20.00 to $22.00 and gave the stock a "market perform" rating in a report on Monday, July 29th. Piper Sandler began coverage on Eagle Bancorp in a report on Monday. They issued a "neutral" rating and a $27.00 price target on the stock.

Eagle Bancorp Stock Performance

The firm has a market cap of $811.51 million, a price-to-earnings ratio of 10.71 and a beta of 1.09. The stock's fifty day moving average is $22.17 and its two-hundred day moving average is $20.49. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.02 and a current ratio of 1.02.

Eagle Bancorp (NASDAQ:EGBN - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.34. Eagle Bancorp had a positive return on equity of 5.50% and a negative net margin of 5.28%. The company had revenue of $175.06 million for the quarter, compared to analysts' expectations of $80.90 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. On average, analysts expect that Eagle Bancorp, Inc. will post 1.46 earnings per share for the current fiscal year.

Eagle Bancorp Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, October 21st will be paid a $0.165 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $0.66 annualized dividend and a dividend yield of 2.46%. Eagle Bancorp's payout ratio is 26.29%.

Institutional Investors Weigh In On Eagle Bancorp

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Eagle Bancorp by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 3,362,689 shares of the financial services provider's stock worth $101,351,000 after acquiring an additional 126,085 shares during the period. Riverview Trust Co bought a new position in Eagle Bancorp during the 1st quarter valued at $26,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Eagle Bancorp by 19.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 13,386 shares of the financial services provider's stock valued at $314,000 after purchasing an additional 2,173 shares during the period. Principal Financial Group Inc. increased its position in shares of Eagle Bancorp by 14.2% during the 1st quarter. Principal Financial Group Inc. now owns 178,102 shares of the financial services provider's stock valued at $4,184,000 after purchasing an additional 22,172 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Eagle Bancorp by 16.4% in the first quarter. BNP Paribas Financial Markets now owns 61,311 shares of the financial services provider's stock valued at $1,440,000 after buying an additional 8,620 shares during the period. Institutional investors and hedge funds own 78.03% of the company's stock.

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. 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.