Regional banking company Eastern Bankshares (NASDAQ: EBC) will be reporting results this Thursday after market hours. Here’s what investors should know.
Eastern Bank beat analysts’ revenue expectations last quarter, reporting revenues of $316 million, up 26.9% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ tangible book value per share estimates but a miss of analysts’ net interest income estimates.
Is Eastern Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Eastern Bank’s revenue to grow 27.1% year on year, improving from the 16.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Eastern Bank has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Eastern Bank’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. QCR Holdings’s revenues decreased 11.7% year on year, missing analysts’ expectations by 8.9%, and Washington Trust Bancorp reported revenues up 15%, topping estimates by 4.1%. Washington Trust Bancorp traded up 4.2% following the results.
Read our full analysis of QCR Holdings’s results here and Washington Trust Bancorp’s results here.
Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3% on average over the last month. Eastern Bank’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $24.88 (compared to the current share price of $21.48).
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