Q3 2024 Earnings Forecast for Eastern Bankshares, Inc. (NASDAQ:EBC) Issued By Keefe, Bruyette & Woods

Eastern Bankshares, Inc. (NASDAQ:EBC) – Equities research analysts at Keefe, Bruyette & Woods decreased their Q3 2024 EPS estimates for Eastern Bankshares in a research note issued on Wednesday, October 2nd. Keefe, Bruyette & Woods analyst D. Delmonte now anticipates that the company will post earnings of $0.33 per share for the quarter, down from their previous forecast of $0.35. Keefe, Bruyette & Woods has a “Outperform” rating and a $19.00 price objective on the stock. The consensus estimate for Eastern Bankshares’ current full-year earnings is $1.11 per share. Keefe, Bruyette & Woods also issued estimates for Eastern Bankshares’ Q4 2024 earnings at $0.34 EPS, FY2024 earnings at $1.12 EPS, Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.36 EPS, FY2025 earnings at $1.40 EPS, Q1 2026 earnings at $0.36 EPS, Q2 2026 earnings at $0.37 EPS and Q3 2026 earnings at $0.40 EPS.

Separately, JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Stock Performance

NASDAQ EBC opened at $16.10 on Monday. 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 twelve month low of $10.65 and a twelve month high of $17.26. The business has a 50-day moving average price of $16.05 and a 200-day moving average price of $14.56. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 5.66 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The company had revenue of $232.72 million during the quarter, compared to the consensus estimate of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same quarter in the prior year, the firm posted $0.28 EPS.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of Eastern Bankshares by 24.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after purchasing an additional 950,150 shares during the last quarter. Janus Henderson Group PLC grew its stake in Eastern Bankshares by 11.8% in the 1st quarter. Janus Henderson Group PLC now owns 3,795,493 shares of the company’s stock worth $52,300,000 after acquiring an additional 401,027 shares in the last quarter. Wellington Management Group LLP grew its holdings in Eastern Bankshares by 19.3% during the 4th quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock worth $49,198,000 after acquiring an additional 559,754 shares in the last quarter. Jennison Associates LLC increased its holdings in Eastern Bankshares by 23.8% during the first quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after buying an additional 576,381 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Eastern Bankshares by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock valued at $31,682,000 after acquiring an additional 193,151 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

Insider Buying and Selling at Eastern Bankshares

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

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares’s payout ratio is currently 15.44%.

Eastern Bankshares Company Profile

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.