Eastern Bankshares, Inc. (NASDAQ:EBC) Plans Quarterly Dividend of $0.11

Eastern Bankshares, Inc. (NASDAQ:EBC) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders of record on Tuesday, September 3rd will be paid a dividend of 0.11 per share on Monday, September 16th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Tuesday, September 3rd.

Eastern Bankshares has a payout ratio of 31.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastern Bankshares to earn $1.49 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 29.5%.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock opened at $16.88 on Friday. Eastern Bankshares has a one year low of $10.65 and a one year high of $17.26. The company has a market cap of $2.98 billion, a PE ratio of 5.92 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.83 and a current ratio of 0.83. The business has a 50-day simple moving average of $14.11 and a 200-day simple moving average of $13.66.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Eastern Bankshares had a return on equity of 5.14% and a net margin of 48.38%. The business had revenue of $232.72 million during the quarter, compared to the consensus estimate of $157.45 million. During the same period in the previous year, the company posted $0.28 earnings per share. On average, equities research analysts forecast that Eastern Bankshares will post 1.16 EPS for the current fiscal year.

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.