Eastern Bankshares, Inc. (NASDAQ:EBC) is expected to report earnings of $0.23 per share

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Wall Street brokerages expect Eastern Bankshares, Inc. (NASDAQ:EBC) to post earnings per share (EPS) of $0.23 for the current quarter, according to Zacks. Three analysts provided earnings estimates for Eastern Bankshares. The lowest EPS estimate is $0.23 and the highest is $0.24. Eastern Bankshares posted earnings of $0.18 per share in the same quarter last year, suggesting a positive year-over-year growth rate of 27.8%. The company is expected to release its next quarterly earnings report after the market closes on Thursday, January 27.

On average, analysts expect Eastern Bankshares to report annual earnings of $0.94 per share for the current fiscal year, with EPS estimates ranging from $0.93 to $0.96. For next year, analysts expect the company to report earnings of $1.12 per share, with EPS estimates ranging from $1.10 to $1.17. Zacks earnings per share averages are an average based on a survey of research companies that track Eastern Bankshares.

Eastern Bankshares (NASDAQ:EBC) last released its results on Wednesday, October 27. The company reported earnings per share (EPS) of $0.22 for the quarter, beating the Zacks consensus estimate of $0.21 by $0.01. Eastern Bankshares had a net margin of 12.40% and a return on equity of 4.46%. The company posted revenue of $145.90 million for the quarter, versus a consensus estimate of $150.95 million.

Several research companies have recently published reports on EBC. Zacks Investment Research upgraded Eastern Bankshares shares from a “hold” rating to a “buy” rating and set a target price of $24.00 for the company in a Tuesday, Nov. 2 research note. Piper Sandler began covering Eastern Bankshares shares in a research note on Tuesday, November 16. They issued an “overweight” rating and a target price of $25.00 for the company.

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In related news, director Bari A. Harlam sold 17,500 shares of the company in a trade that took place on Thursday, December 16. The shares were sold at an average price of $20.83, for a total value of $364,525.00. The transaction was disclosed in a legal filing with the SEC, which is available via the SEC website. Company insiders own 1.01% of the company’s shares.

A number of hedge funds and other institutional investors have recently changed their holdings in EBC. Ahrens Investment Partners LLC bought a new position in Eastern Bankshares during the fourth quarter, valued at approximately $28,000. Steward Partners Investment Advisory LLC bought a new equity position in Eastern Bankshares in the second quarter worth approximately $41,000. RPg Family Wealth Advisory LLC bought a new equity position in Eastern Bankshares in the second quarter worth approximately $51,000. TimeScale Financial Inc. increased its holdings of Eastern Bankshares shares by 40.1% in the fourth quarter. TimeScale Financial Inc. now owns 3,507 shares of the company worth $71,000 after purchasing an additional 1,004 shares in the last quarter. Finally, Freedman Financial Associates Inc. bought a new position in shares of Eastern Bankshares in the third quarter worth approximately $91,000. Institutional investors and hedge funds hold 47.29% of the company’s shares.

EBC stock traded down $0.08 at midday on Friday, hitting $20.67. 814,428 shares of the company have been traded, compared to its average volume of 715,423. The company has a market capitalization of $3.86 billion, a price-earnings ratio of 46.98 and a beta of 1.35 . The company’s fifty-day moving average price is $20.77 and its 200-day moving average price is $20.09. Eastern Bankshares has a 52-week low of $15.87 and a 52-week high of $23.03.

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 15. Shareholders of record on Friday, December 3 received a dividend of $0.08. This represents a dividend of $0.32 on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Thursday, December 2. Eastern Bankshares payout ratio is 72.73%.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as a bank holding company for Eastern Bank which provides commercial banking products and services primarily to individuals, businesses and small businesses. It operates in two segments, banking business and insurance agency business. The Company provides interest-bearing and non-interest-bearing checking deposits, money market deposits, savings deposits and certificates of deposit, as well as debit and credit cards.

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Earnings history and estimates for Eastern Bankshares (NASDAQ:EBC)

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