Eastern Bankshares (NASDAQ:EBC) Issues Quarterly Earnings Results

Eastern Bankshares (NASDAQ:EBC) announced its quarterly earnings data on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05, Zacks reports. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%.

Eastern Bankshares Stock Up 0.3 %

Eastern Bankshares stock traded up $0.06 during midday trading on Thursday, reaching $17.60. 2,094,244 shares of the stock traded hands, compared to its average volume of 935,215. Eastern Bankshares has a 12 month low of $12.22 and a 12 month high of $19.40. The stock’s fifty day moving average is $17.78 and its 200-day moving average is $16.81. The stock has a market cap of $3.78 billion, a P/E ratio of 7.59 and a beta of 0.94.

Insiders Place Their Bets

In other news, Director Deborah C. Jackson sold 5,713 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total value of $106,033.28. Following the sale, the director now directly owns 67,284 shares in the company, valued at $1,248,791.04. The trade was a 7.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.15% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their target price on shares of Eastern Bankshares from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

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.