Analysts Set Expectations for Eastern Bankshares, Inc.’s Q3 2024 Earnings (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Equities researchers at Seaport Res Ptn dropped their Q3 2024 earnings per share 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 earn $0.33 per share for the quarter, down from their prior estimate of $0.35. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.13 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q4 2024 earnings at $0.35 EPS.

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Trading Up 2.4 %

Shares of NASDAQ EBC opened at $16.27 on Friday. The business’s 50 day moving average price is $15.84 and its 200-day moving average price is $14.19. Eastern Bankshares has a fifty-two week low of $10.65 and a fifty-two week high of $17.26. 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 market cap of $2.87 billion, a price-to-earnings ratio of 5.71 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The business had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.11 dividend. 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 (DPR) is presently 15.44%.

Insiders Place Their Bets

In related news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.15% of the stock is currently owned by insiders.

Institutional Trading of Eastern Bankshares

A number of hedge funds have recently added to or reduced their stakes in EBC. Charles Schwab Investment Management Inc. raised its holdings in Eastern Bankshares by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,551,113 shares of the company’s stock worth $22,026,000 after purchasing an additional 70,561 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 20.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,794,640 shares of the company’s stock valued at $53,885,000 after buying an additional 634,133 shares in the last quarter. Tortoise Investment Management LLC acquired a new stake in Eastern Bankshares in the 4th quarter valued at $134,000. Norges Bank purchased a new stake in Eastern Bankshares in the 4th quarter worth $24,543,000. Finally, Congress Wealth Management LLC DE acquired a new position in Eastern Bankshares during the fourth quarter worth $2,790,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

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.