Eastern Bankshares (NASDAQ:EBC) Posts Earnings Results

Eastern Bankshares (NASDAQ:EBC) announced its earnings results on Friday. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $230.30 million during the quarter, compared to analyst estimates of $157.52 million. During the same quarter in the prior year, the company earned $0.38 EPS.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded down $0.22 during trading on Monday, reaching $12.82. 815,323 shares of the company 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 firm has a 50 day simple moving average of $13.11 and a 200-day simple moving average of $13.09. Eastern Bankshares has a 52-week low of $9.93 and a 52-week high of $15.07. The stock has a market capitalization of $2.26 billion, a PE ratio of 4.58 and a beta of 0.85.

Eastern Bankshares Announces Dividend

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

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares stock in a transaction on Monday, March 18th. The stock was sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the sale, the director now owns 42,040 shares of the company’s stock, valued at $549,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.15% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.