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

Eastern Bankshares (NASDAQ:EBC) released its quarterly earnings results on Friday. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03, Yahoo Finance reports. The firm had revenue of $230.30 million during the quarter, compared to analyst estimates 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 previous year, the company posted $0.38 EPS.

Eastern Bankshares Price Performance

EBC stock traded down $0.22 during mid-day trading on Monday, reaching $12.82. 815,323 shares of the company’s stock were exchanged, compared to its average volume of 949,559. The company has a market cap of $2.26 billion, a price-to-earnings 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. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Eastern Bankshares has a 12-month low of $9.93 and a 12-month high of $15.07.

Eastern Bankshares Dividend Announcement

The firm 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 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 is currently 15.44%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was 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 owns 42,040 shares of the company’s stock, valued at $549,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.15% of the stock is currently owned by company insiders.

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.