Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Eastern Bankshares (EBC)
NASDAQ:EBC
Holding EBC?
Track your performance easily
Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.3Last Year’s EPS
$0.1Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 3.91%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted a successful merger with Cambridge Trust and strong community engagement, but also pointed out challenges such as a GAAP net loss and increased non-performing loans due to the acquisition. The organization's future outlook appears cautiously optimistic, with an emphasis on organic growth and strong capital positioning.Company Guidance
The guidance provided during Eastern Bankshares, Inc.'s Q3 2024 earnings call highlighted several key metrics and strategic insights. The company reported a GAAP net loss of $6 million due to merger-related expenses but achieved operating net income of $49.7 million, translating to $0.25 per share. The merger with Cambridge Trust led to an increase in assets under management to over $8 billion, making Eastern the largest bank-owned investment adviser in Massachusetts. The company outperformed initial merger guidance on deal charges, earnings per share accretion, and cost savings, resulting in a stronger tangible common equity ratio of 10.7%. The net interest margin improved to 2.97%, with expectations of further enhancement as interest rates adjust. Eastern Bankshares also announced a 9% dividend increase to $0.12 per share. The leadership emphasized a focus on organic growth while remaining open to future merger opportunities. The company also highlighted its robust reserve position, with a 1.4% allowance for loan losses, ensuring strong asset quality management post-merger.Successful Merger with Cambridge Trust
The merger was completed successfully, outperforming original guidance on deal charges, earnings per share accretion, and cost savings. Capital metrics such as tangible book value and tangible common equity are significantly better than expected.
Dividend Increase
The Board approved a 9% dividend increase to $0.12 per share.
Strong Community Engagement
Eastern Bank was named the #1 SBA lender in Massachusetts for the 16th consecutive year and ranked among the 10 most charitable companies by the Boston Business Journal for the 13th time.
Wealth Management Growth
Wealth revenues more than doubled to $14.9 million, and the combined wealth management business has over $8 billion in assets under management.
Healthy Balance Sheet
The balance sheet remains robust with a loan-to-deposit ratio in the mid-80s and essentially no wholesale funding.
---
EBC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
EBC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $16.61 | $15.82 | -4.76% |
| Jul 25, 2024 | $16.11 | $16.66 | +3.41% |
| Apr 25, 2024 | $12.67 | $12.77 | +0.79% |
| Jan 25, 2024 | $13.46 | $13.51 | +0.37% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Eastern Bankshares (EBC) report earnings?
Eastern Bankshares (EBC) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Eastern Bankshares (EBC) earnings time?
Eastern Bankshares (EBC) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EBC EPS forecast?
EBC EPS forecast for the fiscal quarter 2024 (Q4) is $0.3.
---