Equities analysts forecast that Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) will report $178.62 million in sales for the current quarter, according to Zacks. Five analysts have provided estimates for Eastern Bankshares’ earnings, with estimates ranging from $176.43 million to $182.06 million. Eastern Bankshares posted sales of $150.34 million during the same quarter last year, which suggests a positive year over year growth rate of 18.8%. The firm is expected to announce its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Eastern Bankshares will report full year sales of $723.96 million for the current year, with estimates ranging from $715.13 million to $733.89 million. For the next financial year, analysts forecast that the firm will post sales of $801.19 million, with estimates ranging from $781.86 million to $831.53 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Eastern Bankshares.
Eastern Bankshares (NASDAQ:EBC – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Eastern Bankshares had a net margin of 24.39% and a return on equity of 5.26%. During the same quarter last year, the company posted $0.27 earnings per share.
In other news, Director Luis Borgen sold 46,270 shares of Eastern Bankshares stock in a transaction on Monday, March 14th. The stock was sold at an average price of $20.31, for a total transaction of $939,743.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg Allen Sr. Shell sold 40,000 shares of Eastern Bankshares stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $19.57, for a total value of $782,800.00. Following the sale, the director now owns 194,596 shares of the company’s stock, valued at $3,808,243.72. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.
Several institutional investors have recently made changes to their positions in EBC. Capital Research Global Investors purchased a new position in Eastern Bankshares in the first quarter valued at about $62,383,000. William Blair Investment Management LLC lifted its holdings in shares of Eastern Bankshares by 538.7% during the fourth quarter. William Blair Investment Management LLC now owns 2,225,466 shares of the company’s stock worth $44,888,000 after purchasing an additional 1,877,053 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Eastern Bankshares by 409.4% during the third quarter. Goldman Sachs Group Inc. now owns 1,896,343 shares of the company’s stock worth $38,495,000 after purchasing an additional 1,524,092 shares during the period. Norges Bank acquired a new stake in shares of Eastern Bankshares during the fourth quarter worth about $21,061,000. Finally, Jennison Associates LLC lifted its holdings in shares of Eastern Bankshares by 61.9% during the fourth quarter. Jennison Associates LLC now owns 2,117,074 shares of the company’s stock worth $42,701,000 after purchasing an additional 809,522 shares during the period. Hedge funds and other institutional investors own 58.98% of the company’s stock.
NASDAQ EBC opened at $19.51 on Friday. Eastern Bankshares has a 52 week low of $17.94 and a 52 week high of $22.80. The firm has a market capitalization of $3.59 billion, a P/E ratio of 20.88 and a beta of 1.01. The company has a 50-day moving average price of $20.08 and a 200-day moving average price of $20.66.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, June 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, June 2nd. Eastern Bankshares’s dividend payout ratio (DPR) is currently 43.48%.
About Eastern Bankshares (Get Rating)
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. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.
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