Eastern Bankshares, Inc. (EBC) to Issue Quarterly Dividend of $0.11 on September 16th

Eastern Bankshares, Inc. (NASDAQ:EBC) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Investors of record on Tuesday, September 3rd will be paid a dividend of 0.11 per share on Monday, September 16th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Tuesday, September 3rd.

Eastern Bankshares has a payout ratio of 31.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Eastern Bankshares to earn $1.49 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 29.5%.

Eastern Bankshares Stock Performance

Shares of EBC stock traded up $0.56 during trading on Friday, reaching $16.88. 3,476,123 shares of the company’s stock traded hands, compared to its average volume of 1,545,299. The company has a market capitalization of $2.98 billion, a P/E ratio of 5.92 and a beta of 0.89. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average is $14.11 and its 200 day moving average is $13.66. Eastern Bankshares has a 1 year low of $10.65 and a 1 year high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. The company had revenue of $232.72 million for the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.14%. During the same period in the prior year, the company posted $0.28 EPS. Equities research analysts expect that Eastern Bankshares will post 1.16 EPS for the current year.

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.