Eastern Bankshares (NASDAQ:EBC) Posts Earnings Results, Beats Estimates By $0.05 EPS

Eastern Bankshares (NASDAQ:EBC) announced its earnings results on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05, Zacks reports. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%.

Eastern Bankshares Trading Up 0.3 %

EBC stock traded up $0.06 during midday trading on Thursday, reaching $17.60. The stock had a trading volume of 2,094,548 shares, compared to its average volume of 936,232. The company’s fifty day simple moving average is $17.78 and its 200 day simple moving average is $16.81. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 7.59 and a beta of 0.94. Eastern Bankshares has a 52-week low of $12.22 and a 52-week high of $19.40.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the sale, the director now directly owns 67,284 shares of the company’s stock, valued at $1,248,791.04. This trade represents a 7.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective on Eastern Bankshares from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

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.