Eastern Bankshares (NASDAQ:EBC) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Eastern Bankshares (NASDAQ:EBC - Get Free Report) announced its earnings results on Thursday. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.08), Zacks reports. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The company had revenue of $299.55 million during the quarter, compared to analysts' expectations of $215.92 million. During the same quarter last year, the firm posted $0.32 EPS.

Eastern Bankshares Trading Down 4.8 %

Shares of EBC stock traded down $0.80 on Friday, reaching $15.92. 1,549,827 shares of the company's stock were exchanged, compared to its average volume of 1,005,237. Eastern Bankshares has a 52 week low of $10.65 and a 52 week high of $17.49. 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 stock has a market capitalization of $2.81 billion, a PE ratio of 5.59 and a beta of 0.89. The company's fifty day simple moving average is $16.42 and its 200 day simple moving average is $14.85.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of the company's 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 legal filing with the SEC, which can be accessed through this hyperlink. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EBC. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

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.