Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

Eastern Bankshares (NASDAQ:EBC) posted its earnings results on Thursday. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03, Zacks reports. The firm had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%.

Eastern Bankshares Trading Up 0.2%

Shares of NASDAQ EBC traded up $0.04 during trading on Thursday, reaching $22.62. The company had a trading volume of 2,539,954 shares, compared to its average volume of 2,530,740. The company’s fifty day moving average price is $21.04 and its 200-day moving average price is $20.40. Eastern Bankshares has a 12 month low of $14.88 and a 12 month high of $23.53. The stock has a market cap of $5.23 billion, a P/E ratio of 12.71 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16.

Analyst Upgrades and Downgrades

EBC has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Piper Sandler increased their target price on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Stephens started coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price target on the stock. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Finally, Barclays lowered their price objective on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.08.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the sale, the director owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

Several large investors have recently modified their holdings of EBC. Kestra Advisory Services LLC bought a new stake in Eastern Bankshares during the fourth quarter valued at $61,000. State of Wyoming bought a new position in shares of Eastern Bankshares in the 4th quarter worth about $76,000. Advisory Services Network LLC acquired a new position in shares of Eastern Bankshares in the 3rd quarter valued at about $94,000. Quantbot Technologies LP bought a new stake in shares of Eastern Bankshares during the 2nd quarter valued at about $102,000. Finally, Strs Ohio acquired a new stake in Eastern Bankshares during the first quarter worth approximately $130,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.