Eastern Bankshares (NASDAQ:EBC) Posts Earnings Results

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

Eastern Bankshares Stock Performance

EBC traded down $0.22 during trading on Monday, hitting $12.82. The company’s stock had a trading volume of 815,323 shares, compared to its average volume of 949,559. Eastern Bankshares has a one year low of $9.93 and a one year high of $15.07. The business’s 50 day simple moving average is $13.11 and its 200-day simple moving average is $13.09. The firm has a market cap of $2.26 billion, a PE ratio of 4.58 and a beta of 0.85. 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 Dividend Announcement

The firm also recently disclosed 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. This represents a $0.44 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, June 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Analyst Ratings Changes

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

Insider Activity at Eastern Bankshares

In other news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following the transaction, the director now directly owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.15% of the stock is owned by company insiders.

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.