Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

Eastern Bankshares (NASDAQ:EBC) released its quarterly earnings data on Thursday. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03, Zacks reports. Eastern Bankshares had a return on equity of 8.78% and a net margin of 25.12%.The company had revenue of $316.00 million for the quarter, compared to analyst estimates of $308.20 million.

Eastern Bankshares Stock Up 1.3%

Shares of EBC opened at $22.92 on Friday. The company has a market capitalization of $5.30 billion, a P/E ratio of 13.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.91 and a quick ratio of 0.91. Eastern Bankshares has a one year low of $14.88 and a one year high of $23.53. The business’s 50 day simple moving average is $21.18 and its 200-day simple moving average is $20.45.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s payout ratio is presently 34.09%.

Wall Street Analyst Weigh In

EBC has been the subject of several analyst reports. TD Cowen cut their target price on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Barclays dropped their price objective on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, April 27th. Stephens started coverage on Eastern Bankshares in a report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price objective for the company. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Finally, DA Davidson assumed coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.

Insider Buying and Selling

In related news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares of the company’s stock, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eastern Bankshares

A number of institutional investors and hedge funds have recently bought and sold shares of EBC. Royal Bank of Canada increased its stake in shares of Eastern Bankshares by 38.0% in the first quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock valued at $3,254,000 after buying an additional 54,664 shares in the last quarter. AQR Capital Management LLC acquired a new position in Eastern Bankshares during the 1st quarter worth about $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Eastern Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock worth $1,884,000 after acquiring an additional 5,028 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Eastern Bankshares by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company’s stock worth $7,091,000 after acquiring an additional 29,781 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Eastern Bankshares by 789.9% in the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock valued at $8,948,000 after acquiring an additional 484,277 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Key Headlines Impacting Eastern Bankshares

Here are the key news stories impacting Eastern Bankshares this week:

• Positive Sentiment: Eastern Bankshares delivered a Q2 earnings beat, with EPS of $0.49 versus $0.46 expected and revenue of $316.0 million versus $308.2 million estimated. Article Title
• Positive Sentiment: The company declared a quarterly dividend of $0.15 per share, reinforcing its shareholder-return profile and yield appeal. Article Title
• Neutral Sentiment: Management’s Q2 earnings call transcript may provide additional color on loan growth, margins, and credit trends, but no major new catalyst was highlighted in the provided summary. Article Title
• Neutral Sentiment: Short-interest data showed no meaningful change in positioning, with reported short interest at 0 shares, offering little signal for near-term trading pressure.

About Eastern Bankshares

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.