FY2024 EPS Estimates for Eastern Bankshares, Inc. Increased by Analyst (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Research analysts at Seaport Res Ptn upped their FY2024 earnings estimates for shares of Eastern Bankshares in a research report issued on Monday, July 29th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the company will post earnings of $1.17 per share for the year, up from their prior estimate of $1.16. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.16 per share. Seaport Res Ptn also issued estimates for Eastern Bankshares’ Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS and FY2025 earnings at $1.55 EPS.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The firm had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.14%. During the same quarter in the previous year, the company earned $0.28 EPS.

Separately, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday.

Eastern Bankshares Stock Up 0.4 %

Shares of NASDAQ EBC opened at $16.64 on Tuesday. The company has a market capitalization of $2.94 billion, a P/E ratio of 5.84 and a beta of 0.89. Eastern Bankshares has a 52-week low of $10.65 and a 52-week high of $17.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.83 and a current ratio of 0.83. The company’s 50 day moving average price is $14.26 and its 200-day moving average price is $13.71.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.44 annualized dividend and a dividend yield of 2.64%. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

Institutional Trading of Eastern Bankshares

Several hedge funds have recently modified their holdings of EBC. Norges Bank bought a new stake in shares of Eastern Bankshares in the 4th quarter valued at $24,543,000. The Manufacturers Life Insurance Company increased its stake in Eastern Bankshares by 1,965.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,622,734 shares of the company’s stock valued at $23,043,000 after purchasing an additional 1,544,181 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Eastern Bankshares by 20.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,794,640 shares of the company’s stock valued at $53,885,000 after purchasing an additional 634,133 shares in the last quarter. Jennison Associates LLC increased its stake in Eastern Bankshares by 23.8% during the 1st quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after purchasing an additional 576,381 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Eastern Bankshares by 19.3% during the 4th quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock valued at $49,198,000 after purchasing an additional 559,754 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

About Eastern Bankshares

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.