Seaport Res Ptn Comments on Eastern Bankshares, Inc.’s FY2024 Earnings (NASDAQ:EBC)

Eastern Bankshares, Inc. (NASDAQ:EBC) – Equities research analysts at Seaport Res Ptn raised their FY2024 earnings per share estimates for Eastern Bankshares in a report released on Monday, July 29th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the company will earn $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.

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

Eastern Bankshares Trading Up 0.4 %

Eastern Bankshares stock opened at $16.64 on Tuesday. Eastern Bankshares has a one year low of $10.65 and a one year high of $17.26. The company’s fifty day moving average price is $14.26 and its two-hundred day moving average price is $13.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 5.84 and a beta of 0.89.

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

Eastern Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.11 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.64%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds have recently bought and sold shares of EBC. Charles Schwab Investment Management Inc. increased its position in Eastern Bankshares by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,551,113 shares of the company’s stock worth $22,026,000 after acquiring an additional 70,561 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Eastern Bankshares during the 1st quarter worth about $3,804,000. Goldman Sachs Group Inc. lifted its stake in shares of Eastern Bankshares by 9.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock valued at $31,682,000 after buying an additional 193,151 shares during the period. Norges Bank acquired a new stake in Eastern Bankshares during the fourth quarter worth about $24,543,000. Finally, Congress Wealth Management LLC DE bought a new position in Eastern Bankshares during the fourth quarter valued at about $2,790,000. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Company Profile

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.