Eastern Bankshares, Inc. (EBC) to Issue Quarterly Dividend of $0.15 on September 22nd

Eastern Bankshares, Inc. (NASDAQ:EBC) announced a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, September 8th will be given a dividend of 0.15 per share on Tuesday, September 22nd. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 8th.

Eastern Bankshares has a dividend payout ratio of 31.3% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

NASDAQ:EBC opened at $22.24 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares has a 52 week low of $16.61 and a 52 week high of $23.77. The stock’s 50-day moving average price is $22.72 and its 200-day moving average price is $20.98. The stock has a market capitalization of $5.08 billion, a PE ratio of 12.64 and a beta of 0.66.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The company had revenue of $316.01 million during the quarter, compared to analysts’ expectations of $308.20 million. As a group, equities analysts expect that Eastern Bankshares will post 1.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Donald Westermann sold 23,005 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $21.43, for a total transaction of $492,997.15. Following the completion of the sale, the insider owned 22,565 shares of the company’s stock, valued at approximately $483,567.95. This represents a 50.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Luis Borgen sold 1,710 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the sale, the director owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 68,609 shares of company stock worth $1,529,281. 1.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Eastern Bankshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S grew its holdings in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after buying an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Eastern Bankshares in the 4th quarter valued at $40,000. SHP Wealth Management acquired a new stake in shares of Eastern Bankshares in the 4th quarter worth $52,000. Finally, Trust Co. of Vermont acquired a new stake in shares of Eastern Bankshares in the 2nd quarter worth $55,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Company Profile

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.