Eastern Bankshares (NASDAQ:EBC) Issues Quarterly Earnings Results

Eastern Bankshares (NASDAQ:EBC) posted its earnings results on Thursday. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03, Zacks reports. The business had revenue of $316.00 million during the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.

Eastern Bankshares Trading Up 0.9%

Shares of NASDAQ:EBC traded up $0.20 during trading on Friday, hitting $22.82. The company had a trading volume of 539,083 shares, compared to its average volume of 2,515,878. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 12.81 and a beta of 0.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.91 and a quick ratio of 0.91. The company has a fifty day simple moving average of $21.11 and a two-hundred day simple moving average of $20.43. Eastern Bankshares has a one year low of $14.88 and a one year high of $23.53.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. Eastern Bankshares’s dividend payout ratio is 33.71%.

Insider Activity

In related news, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently bought and sold shares of EBC. Kestra Advisory Services LLC acquired a new position in shares of Eastern Bankshares during the fourth quarter worth $61,000. State of Wyoming acquired a new stake in shares of Eastern Bankshares in the 4th quarter worth $76,000. Advisory Services Network LLC purchased a new position in Eastern Bankshares during the 3rd quarter worth $94,000. Quantbot Technologies LP purchased a new position in Eastern Bankshares during the 2nd quarter worth $102,000. Finally, Strs Ohio acquired a new position in Eastern Bankshares during the 1st quarter valued at about $130,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EBC. Barclays decreased their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Stephens started coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price target on the stock. Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. DA Davidson started coverage on Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 price objective for the company. Finally, TD Cowen lowered their price objective on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.08.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.