$178.62 Million in Sales Expected for Eastern Bankshares, Inc. (NASDAQ:EBC) This Quarter

Equities analysts predict that Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) will post sales of $178.62 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Eastern Bankshares’ earnings. The highest sales estimate is $182.06 million and the lowest is $176.43 million. Eastern Bankshares posted sales of $150.34 million in the same quarter last year, which suggests a positive year-over-year growth rate of 18.8%. The firm is scheduled to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Eastern Bankshares will report full year sales of $723.96 million for the current year, with estimates ranging from $715.13 million to $733.89 million. For the next year, analysts anticipate that the company will post sales of $801.19 million, with estimates ranging from $781.86 million to $831.53 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Eastern Bankshares.

Eastern Bankshares (NASDAQ:EBCGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Eastern Bankshares had a net margin of 24.39% and a return on equity of 5.26%. During the same quarter in the previous year, the firm posted $0.27 EPS.

Several equities research analysts recently commented on EBC shares. Seaport Res Ptn reiterated a “buy” rating on shares of Eastern Bankshares in a research report on Thursday, March 10th. Piper Sandler decreased their price objective on shares of Eastern Bankshares to $23.00 and set a “na” rating on the stock in a research report on Monday, May 16th. Finally, Zacks Investment Research upgraded shares of Eastern Bankshares from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Monday, April 4th.

Eastern Bankshares stock opened at $19.51 on Friday. Eastern Bankshares has a 52 week low of $17.94 and a 52 week high of $22.80. The firm’s 50-day simple moving average is $20.08 and its 200 day simple moving average is $20.66. The firm has a market capitalization of $3.59 billion, a PE ratio of 21.21 and a beta of 1.01.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, June 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.05%. Eastern Bankshares’s dividend payout ratio (DPR) is 43.48%.

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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg Allen Sr. Shell sold 40,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $19.57, for a total transaction of $782,800.00. Following the transaction, the director now directly owns 194,596 shares of the company’s stock, valued at approximately $3,808,243.72. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of EBC. Morgan Stanley increased its stake in shares of 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 acquiring an additional 270,313 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Eastern Bankshares by 25.8% during the 3rd quarter. Advisor Group Holdings Inc. now owns 28,669 shares of the company’s stock worth $583,000 after purchasing an additional 5,883 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Eastern Bankshares during the 3rd quarter worth approximately $1,078,000. Alliancebernstein L.P. increased its position in Eastern Bankshares by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 376,641 shares of the company’s stock worth $7,646,000 after purchasing an additional 1,178 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Eastern Bankshares by 409.4% during the 3rd quarter. Goldman Sachs Group Inc. now owns 1,896,343 shares of the company’s stock worth $38,495,000 after purchasing an additional 1,524,092 shares in the last quarter. 58.98% 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 and Estimates for Eastern Bankshares (NASDAQ:EBC)

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