Eastern Bankshares (NASDAQ:EBC) Issues Earnings Results

Eastern Bankshares (NASDAQ:EBC) issued its 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. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The business had revenue of $299.55 million during the quarter, compared to the consensus estimate of $215.92 million. During the same period last year, the business posted $0.32 EPS.

Eastern Bankshares Trading Down 4.8 %

NASDAQ EBC traded down $0.80 during trading on Friday, reaching $15.92. 1,549,827 shares of the stock traded hands, compared to its average volume of 1,005,237. Eastern Bankshares has a fifty-two week low of $10.65 and a fifty-two week 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 has a market cap of $2.81 billion, a price-to-earnings ratio of 5.87 and a beta of 0.89. The stock’s 50-day moving average price is $16.42 and its 200 day moving average price is $14.85.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction 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 can be accessed through this hyperlink. 1.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.