Q3 2024 EPS Estimates for Eastern Bankshares, Inc. Lowered by Seaport Res Ptn (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Research analysts at Seaport Res Ptn lowered their Q3 2024 earnings estimates for shares of Eastern Bankshares in a report released on Thursday, September 12th. Seaport Res Ptn analyst L. Hunsicker now forecasts that the company will post earnings per share of $0.33 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.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results 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 business had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 million. During the same quarter last year, the firm posted $0.28 EPS.

Several other equities research analysts also recently issued reports on EBC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their target price for the stock 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 Friday. The company’s fifty day simple moving average is $15.84 and its 200-day simple moving average is $14.18. Eastern Bankshares has a 52 week low of $10.65 and a 52 week high of $17.26. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The company has a market cap of $3.51 billion, a PE ratio of 5.71 and a beta of 0.89.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Tuesday, September 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Insider Activity

In other news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sachetta LLC acquired a new position in Eastern Bankshares during the 2nd quarter valued at about $35,000. Innealta Capital LLC acquired a new stake in shares of Eastern Bankshares in the 2nd quarter worth approximately $85,000. SG Americas Securities LLC acquired a new stake in shares of Eastern Bankshares in the 1st quarter worth approximately $126,000. Tortoise Investment Management LLC acquired a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $134,000. Finally, Profund Advisors LLC acquired a new stake in shares of Eastern Bankshares in the 2nd quarter worth approximately $150,000. 71.68% of the stock is owned by institutional investors and hedge funds.

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.