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

by · The Cerbat Gem

Eastern Bankshares (NASDAQ:EBC – Get Free Report) released its earnings results on Thursday. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08), Zacks reports. The company had revenue of $299.55 million during 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 quarter last year, the business earned $0.32 earnings per share.

Eastern Bankshares Stock Performance

Shares of EBC traded down $0.80 during trading hours on Friday, hitting $15.92. The stock had a trading volume of 1,549,617 shares, compared to its average volume of 1,005,236. The firm has a 50-day moving average price of $16.42 and a 200 day moving average price of $14.85. Eastern Bankshares has a fifty-two week low of $10.65 and a fifty-two week high of $17.49. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of 5.87 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

View Our Latest Research Report on EBC

About Eastern Bankshares

(Get Free Report)

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.

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