Wall Street analysts predict that Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) will report sales of $178.62 million for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Eastern Bankshares’ earnings. The highest sales estimate is $182.06 million and the lowest is $176.43 million. Eastern Bankshares reported sales of $150.34 million during the same quarter last year, which indicates a positive year-over-year growth rate of 18.8%. The firm is scheduled to issue its next earnings report on Monday, January 1st.
According to Zacks, 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 year, analysts anticipate that the company will report sales of $801.19 million, with estimates ranging from $781.86 million to $831.53 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Eastern Bankshares.
Eastern Bankshares (NASDAQ:EBC – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 in the previous year, the firm earned $0.27 earnings per share.
Shares of EBC stock opened at $19.51 on Friday. Eastern Bankshares has a fifty-two week low of $17.94 and a fifty-two week high of $22.80. The company has a 50 day moving average price of $20.08 and a 200 day moving average price of $20.66. The stock has a market capitalization of $3.59 billion, a P/E ratio of 21.21 and a beta of 1.01.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, June 3rd will be issued a $0.10 dividend. The ex-dividend date is Thursday, June 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.05%. Eastern Bankshares’s dividend payout ratio (DPR) is 43.48%.
In other Eastern Bankshares news, Director Greg Allen Sr. Shell sold 40,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $19.57, for a total value of $782,800.00. Following the completion of the sale, the director now owns 194,596 shares of the company’s stock, valued at $3,808,243.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Luis Borgen sold 46,270 shares of the stock in a transaction that occurred on Monday, March 14th. The shares were sold at an average price of $20.31, for a total value of $939,743.70. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. increased its stake in Eastern Bankshares by 4.1% in the 4th quarter. Russell Investments Group Ltd. now owns 55,337 shares of the company’s stock worth $1,115,000 after purchasing an additional 2,171 shares in the last quarter. Boston Trust Walden Corp increased its position in Eastern Bankshares by 10.0% in the 4th quarter. Boston Trust Walden Corp now owns 27,500 shares of the company’s stock worth $555,000 after buying an additional 2,500 shares during the period. Diversified Trust Co increased its position in shares of Eastern Bankshares by 57.0% during the fourth quarter. Diversified Trust Co now owns 26,803 shares of the company’s stock valued at $541,000 after purchasing an additional 9,729 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $2,671,000. Finally, Verition Fund Management LLC increased its position in shares of Eastern Bankshares by 13.1% during the third quarter. Verition Fund Management LLC now owns 31,248 shares of the company’s stock valued at $634,000 after purchasing an additional 3,611 shares during the period. 58.98% of the stock is currently owned by institutional investors.
Eastern Bankshares Company Profile (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.
- Get a free copy of the StockNews.com research report on Eastern Bankshares (EBC)
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