Eastern Bankshares, Inc. Forecasted to Earn FY2024 Earnings of $1.13 Per Share (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Stock analysts at Seaport Res Ptn lowered their FY2024 earnings per share estimates for Eastern Bankshares in a research note issued to investors on Thursday, September 12th. Seaport Res Ptn analyst L. Hunsicker now expects that the company will post earnings per share of $1.13 for the year, down from their previous forecast 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 posted its quarterly earnings data on Thursday, July 25th. The company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The company had revenue of $232.72 million during the quarter, compared to the consensus estimate of $157.45 million. During the same quarter in the prior year, the company posted $0.28 EPS.

Several other brokerages have also recently issued reports on EBC. 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 research note on Monday, July 29th. JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Eastern Bankshares Stock Performance

Shares of EBC stock opened at $16.27 on Monday. Eastern Bankshares has a one year low of $10.65 and a one year 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 50 day moving average price of $15.84 and a 200 day moving average price of $14.20. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 5.71 and a beta of 0.89.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders 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 dividend yield of 2.70%. Eastern Bankshares’s dividend payout ratio is presently 15.44%.

Insider Transactions at Eastern Bankshares

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 24.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after buying an additional 950,150 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Eastern Bankshares by 11.8% in the first quarter. Janus Henderson Group PLC now owns 3,795,493 shares of the company’s stock valued at $52,300,000 after acquiring an additional 401,027 shares during the period. Wellington Management Group LLP grew its holdings in shares of Eastern Bankshares by 19.3% during the fourth quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock valued at $49,198,000 after purchasing an additional 559,754 shares during the last quarter. Jennison Associates LLC raised its position in shares of Eastern Bankshares by 23.8% during the 1st quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock worth $41,248,000 after purchasing an additional 576,381 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Eastern Bankshares by 9.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock worth $31,682,000 after purchasing an additional 193,151 shares during the last quarter. Institutional investors own 71.68% of the company’s stock.

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.