Eastern Bankshares (NASDAQ:EBC) Announces Earnings Results, Beats Expectations By $0.05 EPS

Eastern Bankshares (NASDAQ:EBCGet Rating) posted its quarterly earnings data on Thursday. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05, MarketWatch Earnings reports. Eastern Bankshares had a return on equity of 4.86% and a net margin of 24.62%. During the same quarter in the previous year, the firm earned $0.27 earnings per share.

Shares of NASDAQ EBC traded down $0.55 during mid-day trading on Friday, reaching $19.16. The company’s stock had a trading volume of 1,201,797 shares, compared to its average volume of 608,551. The stock has a fifty day moving average of $21.02 and a two-hundred day moving average of $20.93. Eastern Bankshares has a 52 week low of $17.94 and a 52 week high of $23.03. The firm has a market capitalization of $3.52 billion, a PE ratio of 20.83 and a beta of 0.87.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Friday, June 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, June 2nd. Eastern Bankshares’s dividend payout ratio (DPR) is 43.48%.

EBC has been the subject of a number of analyst reports. Seaport Res Ptn restated a “buy” rating on shares of Eastern Bankshares in a research report on Thursday, March 10th. Zacks Investment Research raised Eastern Bankshares from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Monday, April 4th.

In related news, Director Luis Borgen sold 46,270 shares of the stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $20.31, for a total transaction of $939,743.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in EBC. Goldman Sachs Group Inc. boosted its stake in Eastern Bankshares by 49.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,830,503 shares of the company’s stock valued at $57,092,000 after buying an additional 934,160 shares during the last quarter. BlackRock Inc. raised its position in Eastern Bankshares by 4.8% during the fourth quarter. BlackRock Inc. now owns 11,901,449 shares of the company’s stock valued at $240,053,000 after purchasing an additional 542,556 shares during the period. Morgan Stanley raised its position in Eastern Bankshares by 288.9% during the second 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 period. Millennium Management LLC raised its position in Eastern Bankshares by 25.8% during the fourth quarter. Millennium Management LLC now owns 861,196 shares of the company’s stock valued at $17,370,000 after purchasing an additional 176,532 shares during the period. Finally, Wells Fargo & Company MN raised its position in Eastern Bankshares by 152.5% during the fourth quarter. Wells Fargo & Company MN now owns 186,400 shares of the company’s stock valued at $3,760,000 after purchasing an additional 112,589 shares during the period. 47.79% of the stock is owned by institutional investors.

About Eastern Bankshares (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 for Eastern Bankshares (NASDAQ:EBC)

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