Eastern Bankshares (NASDAQ:EBC) Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS

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

Eastern Bankshares Price Performance

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

Wall Street Analyst Weigh In

A number of research firms recently commented on EBC. JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $19.00 target price (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th.

Insider Buying and Selling

In related news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.15% of the stock is owned by corporate insiders.

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.