Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

Key Points

• Eastern Bankshares reported a quarterly earnings per share (EPS) of $0.41, surpassing analysts' expectations of $0.38, with revenue reaching $249.10 million.
• The company announced a quarterly dividend of $0.13 per share, representing an annualized yield of 3.26%, despite a negative payout ratio of -167.74%.
• Institutional investors hold 71.68% of Eastern Bankshares' stock, with significant increases in positions from firms like Jane Street Group and Royal Bank of Canada during the first quarter.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.03, Zacks reports. The firm had revenue of $249.10 million for the quarter, compared to the consensus estimate of $241.32 million. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.38%.

Eastern Bankshares Stock Performance

Shares of EBC stock traded up $0.19 during trading hours on Friday, reaching $15.96. The stock had a trading volume of 3,424,348 shares, compared to its average volume of 1,506,756. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.87. Eastern Bankshares has a twelve month low of $13.51 and a twelve month high of $19.40. The firm has a 50-day simple moving average of $15.30 and a 200-day simple moving average of $16.12. The firm has a market capitalization of $3.41 billion, a PE ratio of -51.48 and a beta of 0.94.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.26%. Eastern Bankshares's dividend payout ratio (DPR) is -167.74%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods dropped their target price on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Monday, April 28th.

Insider Buying and Selling at Eastern Bankshares

In related news, Director Luis Borgen sold 2,348 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total value of $36,628.80. Following the sale, the director owned 29,011 shares of the company's stock, valued at $452,571.60. This trade represents a 7.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eastern Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC increased its position in shares of Eastern Bankshares by 789.9% in 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 during the period. AQR Capital Management LLC bought a new position in shares of Eastern Bankshares in the first quarter worth $954,000. Royal Bank of Canada increased its position 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 worth $3,254,000 after purchasing an additional 54,664 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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, Strs Ohio bought a new position in Eastern Bankshares in the first quarter valued at about $130,000. Institutional investors own 71.68% of the company's stock.

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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