Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

Eastern Bankshares (NASDAQ:EBC) issued its quarterly earnings results on Thursday. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02, Zacks reports. The company had revenue of $311.70 million during the quarter, compared to analysts’ expectations of $310.60 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%.

Eastern Bankshares Stock Up 2.8%

Shares of NASDAQ EBC traded up $0.60 during mid-day trading on Thursday, reaching $22.11. The company had a trading volume of 3,315,484 shares, compared to its average volume of 2,496,386. The firm has a 50 day simple moving average of $21.79 and a two-hundred day simple moving average of $21.37. Eastern Bankshares has a 52-week low of $16.61 and a 52-week high of $23.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market cap of $5.05 billion, a P/E ratio of 12.56 and a beta of 0.70.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Joseph F. Casey sold 1,778 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $22.69, for a total transaction of $40,342.82. Following the transaction, the director owned 60,301 shares of the company’s stock, valued at approximately $1,368,229.69. This trade represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Donald Westermann sold 23,005 shares of Eastern Bankshares stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total value of $492,997.15. Following the sale, the insider owned 22,565 shares in the company, valued at $483,567.95. This trade represents a 50.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 65,190 shares of company stock valued at $1,452,900. 1.26% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Seaport Research Partners restated a “buy” rating and set a $27.00 price target on shares of Eastern Bankshares in a report on Monday, July 27th. Stephens lowered Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research report on Tuesday, July 28th. DA Davidson lifted their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, TD Cowen lowered their price objective on Eastern Bankshares from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.86.

About Eastern Bankshares

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual banks in the United States to have converted to public ownership.

Eastern Bank provides a range of personal and business banking products, including checking and savings accounts, residential and commercial real estate loans, consumer lending, commercial loans, cash-management services and online banking.