Eastern Bankshares, Inc. (NASDAQ:EBC) Announces $0.12 Quarterly Dividend

Eastern Bankshares, Inc. (NASDAQ:EBCGet Free Report) declared a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Investors of record on Monday, March 3rd will be paid a dividend of 0.12 per share on Friday, March 14th. This represents a $0.48 annualized dividend and a yield of 2.69%. The ex-dividend date is Monday, March 3rd.

Eastern Bankshares has increased its dividend payment by an average of 14.5% annually over the last three years. Eastern Bankshares has a dividend payout ratio of 32.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Eastern Bankshares to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 36.6%.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $17.85 on Friday. Eastern Bankshares has a fifty-two week low of $12.22 and a fifty-two week high of $19.40. The company has a market cap of $3.83 billion, a PE ratio of 7.69 and a beta of 0.94. The business has a 50-day simple moving average of $17.75 and a two-hundred day simple moving average of $16.84.

Eastern Bankshares (NASDAQ:EBCGet Free Report) last released its earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. On average, sell-side analysts predict that Eastern Bankshares will post 0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the sale, the director now directly owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. This trade represents a 7.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.15% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective on Eastern Bankshares from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Read Our Latest Report on Eastern Bankshares

About Eastern Bankshares

(Get Free Report)

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.

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Dividend History for Eastern Bankshares (NASDAQ:EBC)

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