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

Eastern Bankshares, Inc. (NASDAQ:EBC) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Monday, June 3rd will be given a dividend of 0.11 per share on Friday, June 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Monday, June 3rd.

Eastern Bankshares has a dividend payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastern Bankshares to earn $1.50 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 29.3%.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock traded up $0.10 during trading hours on Friday, reaching $13.04. 946,254 shares of the stock traded hands, compared to its average volume of 819,752. The company has a 50 day moving average price of $13.11 and a 200 day moving average price of $13.08. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 4.58 and a beta of 0.85. Eastern Bankshares has a one year low of $9.93 and a one year high of $15.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, January 25th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.11). The firm had revenue of $160.05 million during the quarter, compared to analysts’ expectations of $153.53 million. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. On average, equities research analysts expect that Eastern Bankshares will post 1.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Friday, January 26th.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the transaction, the director now directly owns 42,040 shares in the company, valued at approximately $549,883.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.