Eastern Bankshares (NASDAQ:EBC) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Eastern Bankshares (NASDAQ:EBC) announced its quarterly earnings data on Thursday. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03, Zacks reports. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. The business had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $308.20 million.

Eastern Bankshares Trading Up 0.2%

Shares of EBC stock traded up $0.04 during mid-day trading on Thursday, reaching $22.62. 2,539,955 shares of the stock traded hands, compared to its average volume of 2,530,742. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 12.71 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock’s fifty day simple moving average is $21.04 and its two-hundred day simple moving average is $20.40. Eastern Bankshares has a 1-year low of $14.88 and a 1-year high of $23.53.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Piper Sandler boosted their price target on Eastern Bankshares from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. TD Cowen dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 27th. DA Davidson initiated coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target on the stock. Finally, Stephens initiated coverage on shares of Eastern Bankshares in a research report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Eastern Bankshares has an average rating of “Moderate Buy” and a consensus price target of $23.08.

Insider Transactions at Eastern Bankshares

In related news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the sale, the director directly owned 20,475 shares in the company, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in Eastern Bankshares by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock worth $2,739,000 after purchasing an additional 660 shares in the last quarter. Orion Porfolio Solutions LLC raised its stake in shares of Eastern Bankshares by 6.0% in the second quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock worth $200,000 after purchasing an additional 740 shares during the last quarter. Stifel Financial Corp lifted its holdings in shares of Eastern Bankshares by 2.9% in the fourth quarter. Stifel Financial Corp now owns 44,197 shares of the company’s stock valued at $815,000 after purchasing an additional 1,228 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Eastern Bankshares by 1.6% in the fourth quarter. Russell Investments Group Ltd. now owns 87,840 shares of the company’s stock valued at $1,619,000 after purchasing an additional 1,347 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Eastern Bankshares by 14.1% during the fourth quarter. Mackenzie Financial Corp now owns 13,882 shares of the company’s stock worth $257,000 after buying an additional 1,714 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.