Eastern Bankshares (NASDAQ:EBC) Issues Quarterly Earnings Results

Key Points

• Eastern Bankshares reported quarterly earnings of $0.37 per share, which fell short of analysts' expectations of $0.41, reflecting a negative net margin of 6.49% and a return on equity of 7.35%.
• The company's stock experienced a slight decline of 0.2%, with a trading price of $18.36, amidst an overall market capitalization of $3.88 billion.
• Institutional investors now own 71.68% of Eastern Bankshares, with recent activity showing new positions purchased by various hedge funds totaling over $400,000 across multiple trades.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03), Zacks reports. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The company had revenue of $245.10 million for the quarter, compared to the consensus estimate of $243.03 million.

Eastern Bankshares Trading Down 0.2%

EBC stock opened at $18.36 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a 12-month low of $13.51 and a 12-month high of $19.40. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of -59.22 and a beta of 0.95. The business's 50-day moving average is $17.61 and its 200 day moving average is $16.06.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EBC. Cowen assumed coverage on Eastern Bankshares in a report on Wednesday, September 24th. They issued a "buy" rating for the company. Weiss Ratings restated a "sell (d+)" rating on shares of Eastern Bankshares in a research note on Wednesday, October 8th. Finally, TD Cowen began coverage on Eastern Bankshares in a report on Thursday, September 25th. They set a "buy" rating and a $23.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.50.

Insider Transactions at Eastern Bankshares

In related news, President Quincy Lee Miller bought 13,706 shares of the stock in a transaction dated Wednesday, August 27th. The shares were acquired at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the acquisition, the president directly owned 13,706 shares in the company, valued at approximately $233,961.42. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EBC. Royal Bank of Canada raised its position in shares of Eastern Bankshares by 38.0% during the 1st 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 during the period. AQR Capital Management LLC acquired a new position in Eastern Bankshares in the first quarter valued at approximately $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Eastern Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock valued at $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 lifted its holdings in Eastern Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock valued at $7,091,000 after acquiring an additional 29,781 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in Eastern Bankshares by 789.9% in the first 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 during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

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.