Analysts Offer Predictions for Eastern Bankshares, Inc.’s Q2 2024 Earnings (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Equities research analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share (EPS) estimates for shares of Eastern Bankshares in a research report issued on Monday, April 29th. Seaport Res Ptn analyst L. Hunsicker now expects that the company will earn $0.22 per share for the quarter, down from their prior estimate of $0.23. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.14 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q4 2024 earnings at $0.36 EPS, FY2024 earnings at $1.16 EPS, Q1 2025 earnings at $0.36 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.40 EPS and FY2025 earnings at $1.52 EPS.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. The business had revenue of $230.30 million for the quarter, compared to the consensus estimate of $157.52 million. During the same quarter in the prior year, the company earned $0.38 EPS.

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

Eastern Bankshares Price Performance

EBC opened at $12.92 on Wednesday. Eastern Bankshares has a 12-month low of $9.93 and a 12-month high of $15.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $13.07 and its 200-day simple moving average is $13.10. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 4.53 and a beta of 0.85.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, May 31st. Eastern Bankshares’s payout ratio is currently 15.44%.

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 40,288 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following 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 SEC, which is available through the SEC website. 1.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EBC. Commonwealth Equity Services LLC raised its stake in Eastern Bankshares by 17.7% in the third quarter. Commonwealth Equity Services LLC now owns 63,410 shares of the company’s stock valued at $795,000 after buying an additional 9,525 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in Eastern Bankshares by 32.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,408 shares of the company’s stock valued at $243,000 after buying an additional 4,792 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Eastern Bankshares by 26.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,218 shares of the company’s stock valued at $417,000 after buying an additional 6,856 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in Eastern Bankshares in the third quarter valued at about $151,000. Finally, TD Asset Management Inc raised its stake in Eastern Bankshares by 17.0% in the third quarter. TD Asset Management Inc now owns 92,000 shares of the company’s stock valued at $1,154,000 after buying an additional 13,400 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

About Eastern Bankshares

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.