Eastern Bankshares (NASDAQ:EBC) Releases Earnings Results, Beats Expectations By $0.05 EPS

Eastern Bankshares (NASDAQ:EBC) issued its quarterly earnings data on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05, Zacks reports. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%.

Eastern Bankshares Stock Up 0.3 %

NASDAQ EBC traded up $0.06 during trading on Thursday, hitting $17.60. The stock had a trading volume of 2,094,548 shares, compared to its average volume of 936,232. The company has a market capitalization of $3.78 billion, a PE ratio of 7.59 and a beta of 0.94. The firm has a 50 day moving average price of $17.78 and a 200 day moving average price of $16.81. Eastern Bankshares has a twelve month low of $12.22 and a twelve month high of $19.40.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective on Eastern Bankshares from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Deborah C. Jackson sold 5,713 shares of Eastern Bankshares stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the transaction, the director now owns 67,284 shares in the company, valued at approximately $1,248,791.04. This trade represents a 7.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.15% of the stock is currently 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.