Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

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

Eastern Bankshares Trading Down 4.8 %

Eastern Bankshares stock traded down $0.80 during mid-day trading on Friday, hitting $15.92. 1,549,827 shares of the stock were exchanged, compared to its average volume of 1,005,237. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 5.87 and a beta of 0.89. Eastern Bankshares has a 12 month low of $10.65 and a 12 month high of $17.49. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $16.42 and its two-hundred day simple moving average is $14.85.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods reissued 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, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price target for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Insider Activity

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.15% 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.