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

Eastern Bankshares, Inc. (NASDAQ:EBC) declared 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 annualized dividend and a yield of 3.37%. The ex-dividend date is Monday, June 3rd.

Eastern Bankshares has a dividend payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. 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 Up 0.8 %

Eastern Bankshares stock traded up $0.10 during mid-day trading on Friday, hitting $13.04. 946,254 shares of the company’s stock were exchanged, compared to its average volume of 819,752. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.30 billion, a P/E ratio of 4.58 and a beta of 0.85. Eastern Bankshares has a 1-year low of $9.93 and a 1-year high of $15.07. The stock has a 50 day moving average of $13.11 and a two-hundred day moving average of $13.08.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, January 25th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.11). The business had revenue of $160.05 million for the quarter, compared to analyst estimates of $153.53 million. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. As a group, analysts anticipate that Eastern Bankshares will post 1.18 EPS for the current fiscal year.

Insider Activity

In other news, Director Luis Borgen sold 40,288 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total value of $526,967.04. Following the sale, the director now directly owns 42,040 shares of the company’s stock, valued at $549,883.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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.