Eastern Bankshares, Inc. (EBC) To Go Ex-Dividend on December 7th

Eastern Bankshares, Inc. (NASDAQ:EBC) announced a quarterly dividend on Thursday, October 22nd. Shareholders of record on Monday, December 7th will be paid a dividend of $0.15 per share on Monday, December 21st. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, December 7th.

Eastern Bankshares has a dividend payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eastern Bankshares to earn $2.13 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 28.2%.

Eastern Bankshares Trading Up 1.3%

NASDAQ:EBC opened at $22.40 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 12.87 and a beta of 0.70. Eastern Bankshares has a 52 week low of $16.61 and a 52 week high of $23.77. The firm has a 50-day moving average price of $21.73 and a two-hundred day moving average price of $21.40.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 22nd. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.49 by $0.02. Eastern Bankshares had a net margin of 24.04% and a return on equity of 9.31%. The firm had revenue of $311.70 million for the quarter, compared to analysts’ expectations of $310.60 million. On average, equities analysts expect that Eastern Bankshares will post 1.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Joseph Casey sold 1,778 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $22.69, for a total value of $40,342.82. Following the completion of the sale, the director directly owned 60,301 shares of the company’s stock, valued at $1,368,229.69. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Donald Westermann sold 23,005 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $21.43, for a total value of $492,997.15. Following the completion of the sale, the insider owned 22,565 shares in the company, valued at approximately $483,567.95. The trade was a 50.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 65,190 shares of company stock valued at $1,452,900 over the last three months. Company insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in shares of Eastern Bankshares by 32.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock worth $42,000 after acquiring an additional 529 shares in the last quarter. Swiss Life Asset Management Ltd grew its position in shares of Eastern Bankshares by 8.6% in the second quarter. Swiss Life Asset Management Ltd now owns 14,927 shares of the company’s stock valued at $332,000 after purchasing an additional 1,176 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Eastern Bankshares by 11.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,305 shares of the company’s stock valued at $382,000 after purchasing an additional 1,975 shares in the last quarter. KBC Group NV grew its position in shares of Eastern Bankshares by 36.5% in the first quarter. KBC Group NV now owns 7,932 shares of the company’s stock valued at $155,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Eastern Bankshares during the 4th quarter valued at $40,000. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual banks in the United States to have converted to public ownership.

Eastern Bank provides a range of personal and business banking products, including checking and savings accounts, residential and commercial real estate loans, consumer lending, commercial loans, cash-management services and online banking.