Eastern Bankshares, Inc. (NASDAQ:EBC) to Post FY2024 Earnings of $1.13 Per Share, Seaport Res Ptn Forecasts

Eastern Bankshares, Inc. (NASDAQ:EBC) – Stock analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for Eastern Bankshares in a research report issued to clients and investors on Thursday, September 12th. Seaport Res Ptn analyst L. Hunsicker now forecasts that the company will post earnings of $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 earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $232.72 million during the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period in the previous year, the company earned $0.28 earnings per share.

Several other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 price objective (up 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 boosted their price objective for the company from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Price Performance

Shares of Eastern Bankshares stock opened at $16.64 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. The company has a 50-day simple moving average of $15.95 and a two-hundred day simple moving average of $14.25. Eastern Bankshares has a 52-week low of $10.65 and a 52-week high of $17.26. The stock has a market capitalization of $2.94 billion, a PE ratio of 5.84 and a beta of 0.89.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.11 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.64%. Eastern Bankshares’s payout ratio is presently 15.44%.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EBC. Arizona State Retirement System increased its stake in shares of Eastern Bankshares by 1.9% in the second quarter. Arizona State Retirement System now owns 44,452 shares of the company’s stock worth $621,000 after purchasing an additional 814 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Eastern Bankshares by 6.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock worth $538,000 after purchasing an additional 2,173 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Eastern Bankshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock worth $384,000 after purchasing an additional 2,193 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Eastern Bankshares by 0.9% in the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock worth $3,600,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sachetta LLC purchased a new position in Eastern Bankshares during the second quarter valued at $35,000. 71.68% of the stock is currently owned by 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.