Equities Analysts Issue Forecasts for Eastern Bankshares, Inc.’s FY2024 Earnings (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Seaport Res Ptn reduced their FY2024 EPS estimates for shares of Eastern Bankshares in a research report issued to clients and investors on Thursday, September 12th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the company will post earnings per share of $1.13 for the year, down from their previous estimate of $1.17. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.13 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q1 2025 earnings at $0.36 EPS and Q2 2025 earnings at $0.38 EPS.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $16.64 on Monday. The stock has a market cap of $2.94 billion, a PE ratio of 5.84 and a beta of 0.89. The company’s fifty day moving average is $15.95 and its 200 day moving average is $14.25. Eastern Bankshares has a 52 week low of $10.65 and a 52 week high of $17.26. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $232.72 million for the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same quarter last year, the company posted $0.28 EPS.

Institutional Investors Weigh In On Eastern Bankshares

A number of large investors have recently modified their holdings of the stock. Systematic Financial Management LP bought a new stake in Eastern Bankshares during the second quarter worth about $3,478,000. Creative Planning boosted its stake in Eastern Bankshares by 7.1% during the second quarter. Creative Planning now owns 134,386 shares of the company’s stock worth $1,879,000 after acquiring an additional 8,857 shares in the last quarter. Algert Global LLC bought a new stake in Eastern Bankshares during the second quarter worth about $223,000. Dark Forest Capital Management LP bought a new stake in Eastern Bankshares during the second quarter worth about $390,000. Finally, Caxton Associates LP bought a new stake in Eastern Bankshares during the second quarter worth about $1,184,000. Institutional investors own 71.68% of the company’s stock.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.15% of the company’s stock.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Tuesday, September 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

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.