Eastern Bankshares (NASDAQ:EBC) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Eastern Bankshares (NASDAQ:EBC) posted its quarterly earnings data on Friday. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03, Yahoo Finance reports. Eastern Bankshares had a net margin of 49.59% and a return on equity of 5.75%. The business had revenue of $230.30 million for the quarter, compared to analyst estimates of $157.52 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share.

Eastern Bankshares Stock Down 1.7 %

Shares of NASDAQ EBC traded down $0.22 during midday trading on Monday, hitting $12.82. The stock had a trading volume of 815,323 shares, compared to its average volume of 949,559. The business’s 50 day moving average is $13.11 and its 200-day moving average is $13.09. The company has a market cap of $2.26 billion, a P/E ratio of 4.58 and a beta of 0.85. Eastern Bankshares has a 52 week low of $9.93 and a 52 week high of $15.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be paid a $0.11 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.44 annualized dividend and a dividend yield of 3.43%. Eastern Bankshares’s dividend payout ratio is presently 15.44%.

Analysts Set New Price Targets

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

Insider Transactions at Eastern Bankshares

In other news, Director Luis Borgen sold 40,288 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $13.08, for a total value of $526,967.04. Following the transaction, the director now owns 42,040 shares in the company, valued at $549,883.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.15% of the company’s stock.

About Eastern Bankshares

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.