Eastern Bankshares, Inc. (NASDAQ:EBC) Declares Quarterly Dividend of $0.13

Key Points

• Eastern Bankshares, Inc. declared a quarterly dividend of $0.13 per share, with a yield of 2.8%, payable on December 15th to shareholders on record by December 3rd.
• The company reported a quarterly earnings per share (EPS) of $0.32, with a total revenue of $162.26 million, and anticipates an EPS of $1.49 for the current fiscal year.
• Insider trading saw President Quincy Lee Miller purchasing 13,706 shares at an average cost of $17.07 per share, indicating confidence in the company's future performance.

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) announced a quarterly dividend on Thursday, October 23rd. Shareholders of record on Wednesday, December 3rd will be given a dividend of 0.13 per share on Monday, December 15th. This represents a c) dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, December 3rd.

Eastern Bankshares has a payout ratio of 27.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Eastern Bankshares to earn $1.72 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 30.2%.

Eastern Bankshares Price Performance

EBC stock opened at $18.36 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $3.88 billion, a P/E ratio of -59.22 and a beta of 0.95. The business's 50-day moving average is $17.61 and its two-hundred day moving average is $16.06. Eastern Bankshares has a 1 year low of $13.51 and a 1 year high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. The company had revenue of $162.26 million for the quarter. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. Analysts anticipate that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Quincy Lee Miller bought 13,706 shares of the firm's stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the transaction, the president owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Institutional Trading of Eastern Bankshares

Institutional investors have recently bought and sold shares of the company. Jane Street Group LLC boosted its position in Eastern Bankshares by 789.9% during the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after purchasing an additional 484,277 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Eastern Bankshares in the first quarter valued at $277,000. Jupiter Asset Management Ltd. purchased a new stake in shares of Eastern Bankshares in the first quarter valued at $3,717,000. GAMMA Investing LLC lifted its position in shares of Eastern Bankshares by 92.1% in the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC lifted its position in shares of Eastern Bankshares by 67.1% in the first quarter. Moody Lynn & Lieberson LLC now owns 46,245 shares of the company's stock valued at $758,000 after acquiring an additional 18,572 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.

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