Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) - Equities research analysts at Keefe, Bruyette & Woods lowered their FY2024 earnings per share estimates for Eastern Bankshares in a research note issued to investors on Sunday, October 27th. Keefe, Bruyette & Woods analyst D. Delmonte now forecasts that the company will earn $0.98 per share for the year, down from their prior estimate of $1.12. Keefe, Bruyette & Woods currently has a "Outperform" rating and a $19.00 target price on the stock. The consensus estimate for Eastern Bankshares' current full-year earnings is $1.11 per share. Keefe, Bruyette & Woods also issued estimates for Eastern Bankshares' Q4 2024 earnings at $0.28 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.31 EPS, Q3 2025 earnings at $0.33 EPS, Q4 2025 earnings at $0.34 EPS, FY2025 earnings at $1.27 EPS, Q1 2026 earnings at $0.34 EPS, Q2 2026 earnings at $0.35 EPS, Q3 2026 earnings at $0.38 EPS and FY2026 earnings at $1.45 EPS.
Separately, JPMorgan Chase & Co. raised Eastern Bankshares from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.
View Our Latest Stock Analysis on Eastern Bankshares
Eastern Bankshares Stock Performance
Shares of NASDAQ:EBC traded down $0.18 during midday trading on Wednesday, reaching $16.63. The company's stock had a trading volume of 796,173 shares, compared to its average volume of 1,007,394. The firm has a market capitalization of $3.59 billion, a PE ratio of 7.25 and a beta of 0.89. The stock has a fifty day moving average of $16.47 and a 200 day moving average of $14.95. Eastern Bankshares has a twelve month low of $10.65 and a twelve month high of $17.49. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.08). Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The business had revenue of $299.55 million for the quarter, compared to analysts' expectations of $215.92 million. During the same period in the prior year, the business posted $0.32 earnings per share.
Eastern Bankshares Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.89%. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares's payout ratio is 20.69%.
Insider Activity at Eastern Bankshares
In other news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.15% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. Jupiter Asset Management Ltd. purchased a new stake in Eastern Bankshares in the 1st quarter worth $3,804,000. Eastern Bank purchased a new stake in shares of Eastern Bankshares during the third quarter worth about $23,849,000. Jennison Associates LLC increased its stake in shares of Eastern Bankshares by 23.8% during the first 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 in the last quarter. Quest Partners LLC raised its position in shares of Eastern Bankshares by 63,717.2% during the 2nd quarter. Quest Partners LLC now owns 63,179 shares of the company's stock worth $883,000 after purchasing an additional 63,080 shares during the last quarter. Finally, Creative Planning lifted its stake in Eastern Bankshares by 27.3% in the 3rd quarter. Creative Planning now owns 171,129 shares of the company's stock valued at $2,805,000 after buying an additional 36,743 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.
About Eastern Bankshares
(
Get Free Report)
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.
Featured Articles
Before you consider Eastern Bankshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eastern Bankshares wasn't on the list.
While Eastern Bankshares currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
