Eastern Bankshares, Inc. (NASDAQ:EBC) Declares $0.11 Quarterly Dividend

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Monday, June 3rd will be paid a dividend of 0.11 per share on Friday, June 14th. This represents a $0.44 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Monday, June 3rd.

Eastern Bankshares has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastern Bankshares to earn $1.50 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 29.3%.

Eastern Bankshares Trading Up 0.8 %

EBC traded up $0.10 on Friday, reaching $13.04. 946,254 shares of the company's stock were exchanged, compared to its average volume of 819,752. The company's 50 day moving average is $13.11 and its 200-day moving average is $13.08. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 4.58 and a beta of 0.85. Eastern Bankshares has a twelve month low of $9.93 and a twelve month high of $15.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results on Thursday, January 25th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.11). The business had revenue of $160.05 million for the quarter, compared to analyst estimates of $153.53 million. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. Equities analysts predict that Eastern Bankshares will post 1.18 earnings per share for the current year.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the sale, the director now owns 42,040 shares of the company's stock, valued at $549,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.15% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Eastern Bankshares in a research report on Friday, January 26th.

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.