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

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

Eastern Bankshares Trading Down 1.7 %

EBC traded down $0.22 during trading on Monday, reaching $12.82. 815,323 shares of the stock traded hands, compared to its average volume of 949,559. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $2.26 billion, a PE ratio of 4.58 and a beta of 0.85. The stock’s 50-day moving average is $13.11 and its 200 day moving average is $13.09. Eastern Bankshares has a 12 month low of $9.93 and a 12 month high of $15.07.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 3.43%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 15.44%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Eastern Bankshares

In other news, Director Luis Borgen sold 40,288 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $13.08, for a total transaction of $526,967.04. Following the transaction, the director now 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 Securities & Exchange Commission, which is available through the SEC website. 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.