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

Eastern Bankshares, Inc. (NASDAQ:EBC) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors 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. Research 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 %

Shares of NASDAQ EBC traded up $0.10 during mid-day trading on Friday, reaching $13.04. The company had a trading volume of 946,254 shares, 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 firm has a 50 day simple moving average of $13.11 and a two-hundred day simple moving average of $13.08. 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 52-week low of $9.93 and a 52-week high of $15.07.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data 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). Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. The business had revenue of $160.05 million for the quarter, compared to analysts’ expectations of $153.53 million. Sell-side analysts predict that Eastern Bankshares will post 1.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $13.08, for a total transaction of $526,967.04. Following the completion of the transaction, the director now owns 42,040 shares in the company, valued at $549,883.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.15% of the company’s stock.

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.