Eastern Bankshares, Inc. to Post Q2 2024 Earnings of $0.19 Per Share, Keefe, Bruyette & Woods Forecasts (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Equities research analysts at Keefe, Bruyette & Woods dropped their Q2 2024 earnings per share (EPS) estimates for shares of Eastern Bankshares in a research note issued on Sunday, April 28th. Keefe, Bruyette & Woods analyst D. Delmonte now anticipates that the company will post earnings per share of $0.19 for the quarter, down from their previous estimate of $0.29. Keefe, Bruyette & Woods currently has a “Outperform” rating on the stock. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.14 per share. Keefe, Bruyette & Woods also issued estimates for Eastern Bankshares’ Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $1.17 EPS, Q3 2025 earnings at $0.37 EPS, Q4 2025 earnings at $0.38 EPS and FY2025 earnings at $1.48 EPS.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Friday, April 26th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.03. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. The company had revenue of $230.30 million for the quarter, compared to the consensus estimate of $157.52 million. During the same period last year, the business posted $0.38 EPS.

Eastern Bankshares Stock Up 2.9 %

Eastern Bankshares stock opened at $12.92 on Wednesday. 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 1-year low of $9.93 and a 1-year high of $15.07. The company has a market cap of $2.28 billion, a PE ratio of 4.53 and a beta of 0.85. The stock’s 50 day moving average price is $13.07 and its 200 day moving average price is $13.10.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.41%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares stock in a transaction that occurred 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 sale, the director now directly owns 42,040 shares in the company, valued at $549,883.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.15% of the company’s stock.

Institutional Trading of Eastern Bankshares

A number of institutional investors have recently bought and sold shares of EBC. FMR LLC boosted its position in Eastern Bankshares by 24.9% during the third quarter. FMR LLC now owns 9,926,166 shares of the company’s stock worth $124,474,000 after purchasing an additional 1,979,113 shares in the last quarter. Norges Bank purchased a new stake in Eastern Bankshares during the fourth quarter worth $24,543,000. The Manufacturers Life Insurance Company boosted its position in Eastern Bankshares by 1,965.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,622,734 shares of the company’s stock worth $23,043,000 after purchasing an additional 1,544,181 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Eastern Bankshares by 20.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,794,640 shares of the company’s stock worth $53,885,000 after purchasing an additional 634,133 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Eastern Bankshares by 19.3% during the fourth quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock worth $49,198,000 after purchasing an additional 559,754 shares in the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

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.