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

Eastern Bankshares, Inc. (NASDAQ:EBC) announced 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 annualized dividend and a dividend 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. 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 Trading Up 0.8 %

Shares of EBC stock traded up $0.10 on Friday, hitting $13.04. The stock had a trading volume of 946,254 shares, compared to its average volume of 819,752. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization 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 company’s 50 day moving average price is $13.11 and its 200-day moving average price is $13.08.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, January 25th. The company reported $0.10 earnings per share 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 company had revenue of $160.05 million for the quarter, compared to analysts’ expectations of $153.53 million. Analysts anticipate that Eastern Bankshares will post 1.18 earnings per share for the current year.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods restated 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 dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following the sale, the director now owns 42,040 shares in the company, valued at approximately $549,883.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.15% of the stock is owned by company 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.