Eastern Bankshares, Inc. (EBC) To Go Ex-Dividend on June 5th

Eastern Bankshares, Inc. (NASDAQ:EBC) declared a quarterly dividend on Thursday, April 23rd. Investors of record on Friday, June 5th will be paid a dividend of 0.15 per share on Monday, June 22nd. This represents a c) annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, June 5th. This is a 15.4% increase from Eastern Bankshares’s previous quarterly dividend of $0.13.

Eastern Bankshares has a payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eastern Bankshares to earn $2.17 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 27.6%.

Eastern Bankshares Price Performance

Shares of EBC stock opened at $19.78 on Wednesday. Eastern Bankshares has a 12 month low of $14.10 and a 12 month high of $22.58. The company has a market capitalization of $4.57 billion, a P/E ratio of 11.11 and a beta of 0.69. The stock has a 50 day moving average of $19.92 and a two-hundred day moving average of $19.66. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The firm had revenue of $295.90 million for the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. As a group, equities analysts expect that Eastern Bankshares will post 1.87 EPS for the current year.

Insider Buying and Selling at Eastern Bankshares

In other news, CFO R David Rosato bought 5,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were acquired at an average price of $19.17 per share, with a total value of $95,850.00. Following the acquisition, the chief financial officer owned 45,000 shares in the company, valued at $862,650. This trade represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.26% of the company’s stock.

Institutional Trading of Eastern Bankshares

Several large investors have recently added to or reduced their stakes in EBC. EverSource Wealth Advisors LLC raised its stake in shares of Eastern Bankshares by 32.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock valued at $42,000 after acquiring an additional 529 shares during the last quarter. 1620 Investment Advisors Inc. grew its position in Eastern Bankshares by 8.3% during the 4th quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock worth $131,000 after acquiring an additional 543 shares during the last quarter. Allworth Financial LP grew its position in Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after acquiring an additional 584 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Eastern Bankshares by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock valued at $513,000 after purchasing an additional 584 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Eastern Bankshares by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock valued at $2,739,000 after purchasing an additional 660 shares during the last quarter. 71.68% of the stock is owned by institutional investors.

About Eastern Bankshares

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.