Analysts Expect Eastern Bankshares, Inc. (NASDAQ:EBC) to Announce $0.27 Earnings Per Share

Analysts predict that Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) will report earnings of $0.27 per share for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Eastern Bankshares’ earnings, with the highest EPS estimate coming in at $0.32 and the lowest estimate coming in at $0.25. Eastern Bankshares also reported earnings of $0.27 per share in the same quarter last year. The firm is expected to announce its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Eastern Bankshares will report full-year earnings of $1.17 per share for the current financial year, with EPS estimates ranging from $1.11 to $1.23. For the next financial year, analysts forecast that the company will report earnings of $1.54 per share, with EPS estimates ranging from $1.45 to $1.68. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that cover Eastern Bankshares.

Eastern Bankshares (NASDAQ:EBCGet Rating) last announced its quarterly earnings results on Thursday, January 27th. The company reported $0.26 EPS for the quarter. The business had revenue of $171.44 million for the quarter. Eastern Bankshares had a net margin of 24.62% and a return on equity of 4.86%.

EBC has been the topic of several research analyst reports. Seaport Res Ptn reiterated a “buy” rating on shares of Eastern Bankshares in a research note on Thursday, March 10th. Zacks Investment Research upgraded shares of Eastern Bankshares from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Monday, April 4th.

Shares of EBC stock opened at $20.31 on Thursday. The stock has a market cap of $3.74 billion, a P/E ratio of 22.57 and a beta of 0.87. Eastern Bankshares has a 52 week low of $17.94 and a 52 week high of $23.03. The company’s fifty day simple moving average is $21.22 and its two-hundred day simple moving average is $20.98.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Thursday, March 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.97%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, March 2nd. Eastern Bankshares’s dividend payout ratio is currently 44.44%.

In other news, Director Luis Borgen sold 46,270 shares of the company’s stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $20.31, for a total transaction of $939,743.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.01% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of EBC. Morgan Stanley grew its holdings in Eastern Bankshares by 288.9% during the 2nd quarter. Morgan Stanley now owns 363,864 shares of the company’s stock valued at $7,484,000 after purchasing an additional 270,313 shares during the last quarter. Parametric Portfolio Associates LLC bought a new position in Eastern Bankshares during the 2nd quarter valued at about $320,000. Strs Ohio grew its holdings in Eastern Bankshares by 94.1% during the 3rd quarter. Strs Ohio now owns 75,900 shares of the company’s stock valued at $1,540,000 after purchasing an additional 36,800 shares during the last quarter. Emerald Advisers LLC grew its holdings in Eastern Bankshares by 3.5% during the 3rd quarter. Emerald Advisers LLC now owns 2,025,152 shares of the company’s stock valued at $41,111,000 after purchasing an additional 68,781 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Eastern Bankshares by 13.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,243 shares of the company’s stock valued at $1,141,000 after purchasing an additional 6,708 shares during the last quarter. Institutional investors own 47.79% of the company’s stock.

Eastern Bankshares Company Profile (Get Rating)

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.

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Earnings History and Estimates for Eastern Bankshares (NASDAQ:EBC)

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