Eagle Bancorp price target lowered to $19 from $22 at Piper Sandler

Piper Sandler lowered the firm’s price target on Eagle Bancorp (EGBN) to $19 from $22 and keeps a Neutral rating on the shares. The firm notes that credit noise was certainly not unexpected, and while Q3’s loss far surpassed Piper’s and consensus, the driver of this was Eagle Bancorp acting quicker on addressing stressed office credits through charge-offs/movement into HFS in preparation for further loan disposals. As opposed to a slow bleed and taking charges/loss on office loans as asset disposition strategies are executed, the firm thinks it was a positive that the bank engaged an independent credit review firm to help with a lot of that work this quarter.