Eagle Bancorp, Inc. (NASDAQ:EGBN) Position Cut by Millennium Management LLC

Millennium Management LLC reduced its holdings in Eagle Bancorp, Inc. (NASDAQ:EGBN) by 6.4% during the 2nd quarter, Holdings Channel reports. The fund owned 253,474 shares of the financial services provider’s stock after selling 17,360 shares during the quarter. Millennium Management LLC’s holdings in Eagle Bancorp were worth $4,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in EGBN. Epoch Investment Partners Inc. grew its stake in shares of Eagle Bancorp by 76.9% in the first quarter. Epoch Investment Partners Inc. now owns 457,881 shares of the financial services provider’s stock worth $10,756,000 after purchasing an additional 199,057 shares in the last quarter. AQR Capital Management LLC boosted its stake in Eagle Bancorp by 53.2% during the second quarter. AQR Capital Management LLC now owns 539,186 shares of the financial services provider’s stock valued at $10,191,000 after buying an additional 187,249 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Eagle Bancorp by 13.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,409,440 shares of the financial services provider’s stock valued at $26,637,000 after purchasing an additional 169,621 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Eagle Bancorp during the second quarter valued at $2,989,000. Finally, Vanguard Group Inc. lifted its holdings in shares of 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 during the last quarter. Institutional investors own 78.03% of the company’s stock.

Eagle Bancorp Price Performance

Shares of EGBN stock opened at $23.69 on Friday. The stock has a 50 day moving average of $21.40 and a two-hundred day moving average of $20.42. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.42. Eagle Bancorp, Inc. has a 12 month low of $15.99 and a 12 month high of $31.97. The company has a market capitalization of $715.20 million, a P/E ratio of 9.44 and a beta of 1.09.

Eagle Bancorp (NASDAQ:EGBN) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate 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 business had revenue of $175.06 million during the quarter, compared to the consensus estimate of $80.90 million. During the same quarter last year, the company earned $0.94 EPS. As a group, equities analysts expect that Eagle Bancorp, Inc. will post 1.46 EPS for the current year.

Eagle Bancorp Cuts Dividend

The company also recently announced 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 is Monday, October 21st. This represents a $0.66 annualized dividend and a dividend yield of 2.79%. Eagle Bancorp’s dividend payout ratio (DPR) is currently 26.29%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective on Eagle Bancorp from $20.00 to $22.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th.

Eagle Bancorp 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.