Brokers Set Expectations for Eastern Bankshares, Inc.’s FY2024 Earnings (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Analysts at Seaport Res Ptn reduced their FY2024 earnings estimates for shares of Eastern Bankshares in a note issued to investors on Thursday, September 12th. Seaport Res Ptn analyst L. Hunsicker now expects that the company will earn $1.13 per share for the year, down from their previous estimate of $1.17. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.13 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q1 2025 earnings at $0.36 EPS and Q2 2025 earnings at $0.38 EPS.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The business had revenue of $232.72 million during the quarter, compared to analyst estimates of $157.45 million. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. During the same period in the prior year, the company posted $0.28 EPS.

Several other research firms also recently weighed in on EBC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Trading Up 2.4 %

NASDAQ:EBC opened at $16.27 on Monday. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 5.71 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. Eastern Bankshares has a 1 year low of $10.65 and a 1 year high of $17.26. The business has a fifty day moving average of $15.84 and a 200-day moving average of $14.20.

Institutional Investors Weigh In On Eastern Bankshares

Large investors have recently modified their holdings of the stock. Systematic Financial Management LP purchased a new stake in Eastern Bankshares during the second quarter valued at about $3,478,000. Creative Planning raised its holdings in shares of Eastern Bankshares by 7.1% during the second quarter. Creative Planning now owns 134,386 shares of the company’s stock valued at $1,879,000 after acquiring an additional 8,857 shares during the period. Algert Global LLC purchased a new stake in shares of Eastern Bankshares in the 2nd quarter valued at approximately $223,000. Dark Forest Capital Management LP acquired a new position in Eastern Bankshares in the 2nd quarter worth approximately $390,000. Finally, Caxton Associates LP purchased a new position in Eastern Bankshares during the 2nd quarter worth approximately $1,184,000. 71.68% of the stock is owned by institutional investors.

Insider Activity at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.15% of the company’s stock.

Eastern Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.70%. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

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.