Eastern Bankshares, Inc. (NASDAQ:EBC) Forecasted to Earn Q2 2024 Earnings of $0.22 Per Share

Eastern Bankshares, Inc. (NASDAQ:EBC) – Seaport Res Ptn dropped their Q2 2024 earnings estimates for shares of Eastern Bankshares in a report released on Monday, April 29th. Seaport Res Ptn analyst L. Hunsicker now expects that the company will post earnings of $0.22 per share for the quarter, down from their previous estimate of $0.23. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.13 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q4 2024 earnings at $0.36 EPS, FY2024 earnings at $1.16 EPS, Q1 2025 earnings at $0.36 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.40 EPS and FY2025 earnings at $1.52 EPS.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Friday, April 26th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. Eastern Bankshares had a net margin of 49.59% and a return on equity of 5.75%. The company had revenue of $230.30 million for the quarter, compared to analysts’ expectations of $157.52 million. During the same period last year, the firm earned $0.38 earnings per share.

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a report on Friday, January 26th.

Eastern Bankshares Stock Performance

NASDAQ EBC opened at $13.41 on Wednesday. The firm’s 50 day simple moving average is $13.06 and its 200 day simple moving average is $13.10. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 4.71 and a beta of 0.88. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a 1 year low of $9.93 and a 1 year high of $15.07.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Friday, May 31st. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Insider Buying and Selling

In other news, Director Luis Borgen sold 40,288 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $13.08, for a total transaction of $526,967.04. Following the completion of the transaction, the director now directly owns 42,040 shares in the company, valued at $549,883.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is owned by corporate insiders.

Institutional Trading of Eastern Bankshares

Hedge funds have recently made changes to their positions in the company. Jennison Associates LLC raised its stake in shares of Eastern Bankshares by 23.8% during the first quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after acquiring an additional 576,381 shares during the last quarter. Vest Financial LLC acquired a new stake in Eastern Bankshares in the first quarter valued at $896,000. Quadrature Capital Ltd acquired a new stake in Eastern Bankshares in the fourth quarter valued at $189,000. Wellington Management Group LLP raised its position in Eastern Bankshares by 19.3% during the 4th quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock worth $49,198,000 after purchasing an additional 559,754 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Eastern Bankshares by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock worth $31,682,000 after buying an additional 193,151 shares during the period. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

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. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.