Eastern Bankshares (EBC)
Market Price (10/22/2026): $22.12 | Market Cap: $4.8 BilSector: Financials | Industry: Regional Banks
Eastern Bankshares (EBC)
Market Price (10/22/2026): $22.12Market Cap: $4.8 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 8.2% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% Low stock price volatilityVol 12M is 25% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 29% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% | Key risksEBC key risks include [1] deteriorating asset quality in its commercial real estate portfolio, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 8.2% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Low stock price volatilityVol 12M is 25% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 29% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% |
| Key risksEBC key risks include [1] deteriorating asset quality in its commercial real estate portfolio, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Eastern Bankshares (EBC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Significant Decline in Deposits: Eastern Bankshares experienced a notable decline in its end-of-period deposits during the fiscal third quarter of 2026. Non-interest-bearing balances decreased by 1% and interest-bearing balances fell by 12% quarter-over-quarter, contributing to an overall 9% drop in deposits. This trend included a sharp 17% reduction in time deposits as higher-cost deposits exited the balance sheet, raising concerns about the bank's ability to attract and retain funding.
2. Persistent Caution in the Regional Banking Sector: Despite Eastern Bankshares reporting strong fiscal Q2 2026 earnings that surpassed analyst estimates on July 23, 2026, broader market sentiment remained cautious toward the regional banking sector throughout the period. This general hesitancy among investors towards regional banks, even those with solid individual performance, likely contributed to the downward pressure on the stock.
Show more
Eastern Bankshares (EBC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Significant Decline in Deposits: Eastern Bankshares experienced a notable decline in its end-of-period deposits during the fiscal third quarter of 2026. Non-interest-bearing balances decreased by 1% and interest-bearing balances fell by 12% quarter-over-quarter, contributing to an overall 9% drop in deposits. This trend included a sharp 17% reduction in time deposits as higher-cost deposits exited the balance sheet, raising concerns about the bank's ability to attract and retain funding.
2. Persistent Caution in the Regional Banking Sector: Despite Eastern Bankshares reporting strong fiscal Q2 2026 earnings that surpassed analyst estimates on July 23, 2026, broader market sentiment remained cautious toward the regional banking sector throughout the period. This general hesitancy among investors towards regional banks, even those with solid individual performance, likely contributed to the downward pressure on the stock.
3. Tightening Funding Costs Amid a Hawkish Interest Rate Environment: The prevailing environment of a "stubbornly hawkish Fed" and associated tightening funding costs impacted the banking sector during the period. This dynamic created headwinds for banks as rising funding costs can negatively affect balance sheets, contributing to investor apprehension across the industry.
Show less
Stock Movement Drivers
Fundamental Drivers
The -2.6% change in EBC stock from 6/30/2026 to 10/21/2026 was primarily driven by a -5.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.09 | 21.51 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,049 | 1,115 | 6.2% |
| Net Income Margin (%) | 35.4% | 33.7% | -4.6% |
| P/E Multiple | 13.2 | 12.5 | -5.6% |
| Shares Outstanding (Mil) | 222 | 218 | 1.8% |
| Cumulative Contribution | -2.6% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| EBC | -2.6% | |
| Market (SPY) | 3.5% | 31.9% |
| Sector (XLF) | 4.5% | 62.2% |
Fundamental Drivers
The 11.5% change in EBC stock from 3/31/2026 to 10/21/2026 was primarily driven by a 173.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.28 | 21.51 | 11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 715 | 1,115 | 55.8% |
| Net Income Margin (%) | 12.3% | 33.7% | 173.7% |
| P/E Multiple | 47.1 | 12.5 | -73.5% |
| Shares Outstanding (Mil) | 215 | 218 | -1.3% |
| Cumulative Contribution | 11.5% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| EBC | 11.5% | |
| Market (SPY) | 19.2% | 32.4% |
| Sector (XLF) | 13.9% | 54.7% |
Fundamental Drivers
The 21.9% change in EBC stock from 9/30/2025 to 10/21/2026 was primarily driven by a 84.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.65 | 21.51 | 21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 605 | 1,115 | 84.4% |
| P/S Multiple | 5.8 | 4.2 | -27.3% |
| Shares Outstanding (Mil) | 199 | 218 | -9.0% |
| Cumulative Contribution | 21.9% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| EBC | 21.9% | |
| Market (SPY) | 17.0% | 35.9% |
| Sector (XLF) | 5.3% | 56.7% |
Fundamental Drivers
The 87.7% change in EBC stock from 9/30/2023 to 10/21/2026 was primarily driven by a 225.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.46 | 21.51 | 87.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 343 | 1,115 | 225.1% |
| P/S Multiple | 5.4 | 4.2 | -22.3% |
| Shares Outstanding (Mil) | 162 | 218 | -25.7% |
| Cumulative Contribution | 87.7% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| EBC | 87.7% | |
| Market (SPY) | 87.1% | 48.5% |
| Sector (XLF) | 76.4% | 65.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EBC Return | 26% | -13% | -15% | 25% | 10% | 19% | 53% |
| Peers Return | 29% | -2% | -5% | 7% | 14% | 26% | 84% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| EBC Win Rate | 67% | 50% | 33% | 50% | 58% | 60% | |
| Peers Win Rate | 62% | 47% | 45% | 50% | 58% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EBC Max Drawdown | -20% | -23% | -41% | -16% | -25% | -15% | |
| Peers Max Drawdown | -20% | -24% | -40% | -25% | -22% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INDB, WSFS, CAC, BHB, VLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | EBC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.9% | -18.8% |
| % Gain to Breakeven | 29.7% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.9% | -6.7% |
| % Gain to Breakeven | 51.2% | 7.1% |
| Time to Breakeven | 440 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.3% | -24.5% |
| % Gain to Breakeven | 12.7% | 32.4% |
| Time to Breakeven | 54 days | 427 days |
In The Past
Eastern Bankshares's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | EBC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.9% | -18.8% |
| % Gain to Breakeven | 29.7% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.9% | -6.7% |
| % Gain to Breakeven | 51.2% | 7.1% |
| Time to Breakeven | 440 days | 31 days |
In The Past
Eastern Bankshares's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Eastern Bankshares (EBC)
Eastern Bankshares, Inc. (EBC) is a bank holding company that operates Eastern Bank, providing a comprehensive range of banking and financial services. It primarily serves retail, commercial, and small business customers through its two main segments: Banking Business and Insurance Agency Business. The company's core operations revolve around deposit-taking, offering various types of accounts, and providing a broad spectrum of lending solutions.
The Banking Business segment offers essential products such as checking, money market, savings, and time deposits. Its lending activities include commercial and industrial loans, commercial real estate and construction loans, small business loans, residential mortgages, home equity products, and diverse consumer loans like auto and personal lines of credit. Beyond traditional banking, EBC also provides wealth management services, including financial planning and investment management, along with modern conveniences like online, mobile, and telephone banking. Complementing these, its Insurance Agency Business offers a variety of insurance products.
Headquartered in Boston, Massachusetts, Eastern Bankshares maintains a strong regional presence. As of December 31, 2021, the company operated 105 branch offices across eastern Massachusetts and southern New Hampshire, further extending its reach with additional non-branch offices in these regions and Rhode Island. Founded in 1818, EBC has a long history of serving its local communities with diversified financial offerings.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Eastern Bankshares (EBC):
- It's like a regional Bank of America for Eastern Massachusetts and Southern New Hampshire.
- Think of it as a diversified regional financial institution like PNC Financial Services for New England, but also operating a dedicated insurance agency.
AI Analysis | Feedback
- Deposit Accounts: Provides a range of deposit products including checking, savings, money market, and time deposit accounts for retail, commercial, and small business customers.
- Commercial & Small Business Loans: Offers commercial and industrial loans, commercial real estate and construction loans, and small business loans.
- Consumer & Residential Loans: Provides residential real estate loans, home equity lines of credit, and various other consumer loans like auto and personal loans.
- Cash Management & Business Services: Delivers services such as cash management, merchant services, escrow express, and international banking for businesses and institutions.
- Wealth Management & Trust Services: Offers financial planning, portfolio management, wealth management, private banking, and fiduciary products and services.
- Insurance Products: Provides various insurance products through its insurance agency business segment.
AI Analysis | Feedback
Major Customers of Eastern Bankshares (EBC)
Eastern Bankshares primarily serves three categories of customers:
- Retail Customers: These are individual customers who utilize a range of banking products and services including checking and savings accounts, debit and credit cards, residential real estate loans, home equity lines of credit, and various other consumer loans such as automobile, home improvement, and personal loans. They also access financial planning, portfolio management, wealth management, and private banking services.
- Commercial Customers: This category includes larger businesses that require commercial and industrial loans, commercial real estate and construction loans, cash reserves, cash management, international banking, and specialized products and services for not-for-profit and healthcare organizations, as well as government banking services.
- Small Business Customers: This group comprises small businesses that leverage services like small business loans, cash management, merchant services, business telephone banking, and other tailored banking solutions to support their operations.
AI Analysis | Feedback
- Visa (V)
- Mastercard (MA)
AI Analysis | Feedback
Denis K. Sheahan, Chief Executive Officer, Eastern Bankshares, Inc. and Eastern Bank
Denis Sheahan was appointed Chief Executive Officer in July 2024. He previously served as Chairman, President, and Chief Executive Officer of Cambridge Trust Company and Cambridge Bancorp from 2015 until its merger with Eastern in 2024. Prior to joining Cambridge Trust Company in April 2015, Mr. Sheahan spent 19 years at Independent Bank Corp. and Rockland Trust, where he held roles as Chief Financial Officer and Chief Operating Officer. Before his time at Rockland Trust, he was Vice President of Finance for BayBanks, Inc.
David Rosato, Chief Financial Officer and Treasurer, Eastern Bankshares, Inc. and Chief Financial Officer, Eastern Bank
David Rosato was appointed Chief Financial Officer effective August 1, 2024. He brings over 35 years of experience in community and regional banking. Most recently, he served as CFO of Berkshire Hills Bancorp and Berkshire Bank. He also spent over 15 years at People's United Financial, Inc., including nine years as Senior Executive Vice President and CFO, where he gained extensive M&A experience, including the multi-billion dollar sale of People's United to M&T Bank. Earlier in his career, he was Senior Vice President & Treasurer at Webster Financial Corp. and Senior Vice President, Asset/Liability Manager at M&T Bank Corp.
Robert F. Rivers, Executive Chair and Chair of the Board of Directors, Eastern Bankshares, Inc. and Eastern Bank
Robert F. Rivers, a 40-year community banker who started his career as a teller, is the Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank. He joined Eastern Bank in 2006, rising through the ranks to Vice Chairman and Chief Banking Officer, President (2007), Chief Operating Officer (2012), and served as CEO from January 2017 to July 2024. Under his leadership, Eastern executed a record mutual-to-stock IPO, doubled its assets, and integrated Century Bank and Cambridge Trust. He also co-founded Eastern's innovation hub, Eastern Labs.
Quincy L. Miller, President and Chief Operating Officer, Eastern Bankshares, Inc. and Vice Chair, President and Chief Operating Officer, Eastern Bank
Quincy L. Miller joined Eastern in 2016 and currently serves as President and Chief Operating Officer. He has 29 years of experience in the banking sector. Before joining Eastern, Mr. Miller was the President of Citizens Bank, Massachusetts, and President of its Business Banking division. He began his career in consumer banking at M&T Bank in New York City in 1997.
AI Analysis | Feedback
1. Credit Risk, particularly Commercial Real Estate (CRE) Exposure
Eastern Bankshares' performance is closely tied to the economic conditions of its primary market, the Boston–Worcester–Providence CSA. A downturn in this region could lead to increased credit losses, loan defaults, and charge-offs. More specifically, there are mounting concerns over the performance of commercial real estate loans, with higher reserves tied to office real estate. Across the banking industry, delinquency rates for commercial real estate loans have been rising, and many lower-rate CRE loans are set to mature or reset, posing a potential crisis for the sector.2. Interest Rate and Liquidity Risk
The company's earnings may be threatened by interest rate and liquidity risk, partly due to changing depositor behavior. Elevated interest rates can increase deposit costs and squeeze bank margins, which has been a particular challenge for regional banks. Furthermore, consumers' ability to easily move deposits can lead to a lack of deposit stability and potential funding pressures for banks. Eastern Bankshares itself acknowledges that changes in the interest rate environment could materially affect its results.3. Cybersecurity and Operational Risk
Operational risk remains elevated for banks, driven by a complex operating environment. Key drivers include persistent cybersecurity threats, which can compromise customer data, disrupt operations, and erode trust. The rapid commercialization of artificial intelligence has further amplified these threats, providing cybercriminals with more effective tools. Beyond cyber threats, operational risks also encompass failures in internal processes, people, systems, or issues arising from external events, including those related to the increasing use of third-party service providers.AI Analysis | Feedback
Clear emerging threats for Eastern Bankshares include the rise of digital-only banks (neobanks) and specialized financial technology (fintech) companies that offer banking products and services with lower overhead and superior digital experiences, directly challenging EBC's traditional branch-based model and potentially eroding its customer base. Additionally, large technology companies increasingly entering financial services by offering payment solutions, credit, and digital wallets pose a threat by leveraging their vast customer bases and integrated ecosystems to disintermediate traditional banks from customer relationships for key financial transactions.
AI Analysis | Feedback
Banking Business
- Commercial Banking:
- In Rhode Island, the commercial banking industry is projected to reach $8.3 billion in 2026.
- In Massachusetts, the commercial banking industry has been growing at an average annual rate of 7.0% from 2020 to 2025.
- In New Hampshire, banks originated $40 billion in loans in 2024.
- Small Business Lending:
- In New Hampshire, small business lending amounted to $619 million in 2024.
- Eastern Bank was the top lender for SBA 7(a) loans in Massachusetts for the 17th consecutive year, originating approximately $43.5 million in SBA 7(a) loans in 2025. The broader U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033.
- Deposits:
- In Massachusetts, Eastern Bank had approximately $20.53 billion in deposits in 2025.
- In New Hampshire, banks held $47.7 billion in deposits.
- In Rhode Island, Citizens Bank, the largest bank in the state, held $14.89 billion in deposits.
- Residential Real Estate Loans (Mortgages):
- The Boston-Cambridge-Newton, MA-NH metropolitan statistical area (MSA) is forecast to see total dollar volume for purchase and refinance originations grow from $27.2 billion in 2023 to $46.1 billion in 2026.
- In New Hampshire, $4.3 billion in new home loans were booked in 2024.
Insurance Agency Business
- Homeowners Insurance:
- Across the six New England states, homeowners insurers wrote more than $8.4 billion in Direct Written Premiums in 2024. Massachusetts accounted for approximately $3.76 billion of this total, Rhode Island for $688 million, and New Hampshire for $660.8 million.
- Commercial Auto Insurance:
- In New Hampshire, the total premium written statewide for commercial auto insurance increased from $209 million in 2023 to $233 million in 2024.
- General Liability Insurance:
- In New Hampshire, premiums written statewide for general liability insurance increased from $342 million in 2023 to $364 million in 2024.
Trust and Investment Products and Services (Wealth Management)
- Eastern Bank's Cambridge Trust Wealth Management division managed approximately $8.3 billion in assets under management as of December 31, 2024, and approximately $8.7 billion as of June 30, 2025. However, specific addressable market sizes for wealth management services within Eastern Bank's operating regions (eastern Massachusetts, southern New Hampshire, and Rhode Island) are not available from the provided information. Global wealth management market figures are available (e.g., $1.8 trillion in 2023, projected to reach $2.5 trillion in 2028), but these are too broad to be considered addressable markets for Eastern Bankshares.
AI Analysis | Feedback
- Organic Loan Growth: Eastern Bankshares projects sustained organic loan growth, with a forecast of 3-5% for 2026. This growth is anticipated to be driven by its commercial lending segment, including commercial and industrial (C&I) and commercial real estate (CRE) originations, which saw a 6% increase in the legacy commercial portfolio year-over-year in 2025. The company emphasizes a relationship-based lending approach in its core New England markets.
- Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: The company expects net interest income to be between $1.2 billion and $1.5 billion in 2026, with a projected full-year tax-equivalent net interest margin (NIM) of 3.65-3.75%. This follows a 10% increase in NII from 2023 to 2024, characterized by a 12-basis-point expansion in the NIM. Recent trends show NIM expanding to 3.59% in Q2 2025 and 4.72%, attributed to higher asset yields and reduced funding costs.
- Wealth Management Growth: Eastern Bankshares is focusing on expanding its wealth management business, which has demonstrated strong performance. Wealth assets under management reached a record high of $10.1 billion in Q4 2025, primarily fueled by market appreciation and positive net client inflows. Wealth fees contributed approximately 40% of operating non-interest income in Q4 2025, and improved collaboration between its banking and wealth divisions is expected to further support this growth.
- Integration Benefits from Recent Mergers: While the company is pivoting away from *new* acquisitions, the successful integration of its merger with HarborOne Bank (completed in 2025) and the pending merger with Cambridge Bancorp (expected to close early in Q2 2024) are significant drivers. These mergers strengthen Eastern Bankshares' market presence in key areas like the Greater Boston, Eastern Massachusetts, and Rhode Island markets, bolster its commercial lending platform, and contribute to record wealth management assets. The integration is expected to generate cost synergies and drive enhanced revenue.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Eastern Bankshares authorized a share repurchase program of up to 11.9 million shares, representing not more than 5% of shares outstanding after its merger with HarborOne, with the program expiring on October 31, 2026.
- In the fourth quarter of 2025, the company repurchased 3.1 million shares for $55.4 million, utilizing 26% of the authorization announced in October.
- As of January 22, 2026, an additional 635,000 shares had been repurchased for $12.3 million, leaving 8.1 million shares remaining in the existing authorization.
Share Issuance
- Eastern Bankshares had 236 million shares outstanding in the fourth quarter of 2025, an increase of 11.8% from the prior quarter, which coincided with the completion of the HarborOne merger.
Outbound Investments
- On November 1, 2025, Eastern Bankshares completed its merger with HarborOne Bancorp, adding approximately $5.5 billion in assets, $4.5 billion in loans, and $4.3 billion in deposits.
- In mid-2024 (July 2024), the company completed a $528 million acquisition of Cambridge Trust (CATC), which added over $25.0 billion in total assets and $8.4 billion in Wealth Management Assets Under Management and Administration.
- In 2023, Eastern Bankshares sold its insurance business for $510 million to Arthur J. Gallagher & Co.
Peer Outperformance in Regional Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.3% | 70.9% | 117.9% | SPNT 175% · RGA 150% · RNR 149% |
| Diversified Banks | 12 | 28.8% | 148.1% | 90.6% | CM 141% · RY 126% · JPM 124% |
| Life & Health Insurance | 20 | 13.6% | 61.4% | 84.5% | JXN 473% · UNM 291% · MFC 183% |
| Multi-Sector Holdings | 4 | 9.7% | 58.8% | 71.2% | BRK-B 88% · VOYA 54% · JEF 30% |
| Investment Banking & Brokerage | 13 | -12.1% | 102.8% | 70.1% | IBKR 373% · SNEX 176% · GS 151% |
| Property & Casualty Insurance | 42 | 13.6% | 80.6% | 63.8% | TRV 174% · PGR 161% · ACGL 146% |
| Multi-line Insurance | 9 | 7.7% | 67.3% | 58.4% | GNW 98% · L 98% · AIZ 87% |
| Regional Banks ← | 260 | 29.2% | 97.1% | 53.0% | CBC 228% · FCNCA 161% · NIC 138% |
| Financial Exchanges & Data | 15 | 7.8% | 36.5% | 29.9% | CBOE 168% · VIRT 161% · CME 70% |
| Consumer Finance | 30 | -1.3% | 90.3% | 27.5% | ENVA 413% · EZPW 325% · FCFS 154% |
| Insurance Brokers | 15 | -6.3% | 7.3% | 19.4% | LIFE 416% · ARX 88% · AJG 66% |
| Diversified Financial Services | 4 | -4.1% | 22.5% | 5.3% | FRHC 158% · EQH 83% |
| Asset Management & Custody Banks | 84 | -13.7% | 21.9% | 3.0% | WT 296% · AAMI 257% · VCTR 244% |
| Commercial & Residential Mortgage Finance | 15 | -54.2% | 35.1% | -5.8% | FNMA 340% · FMCC 305% · ACT 149% |
| Specialized Finance | 3 | 7.9% | 35.9% | -12.1% | CACC -12% · HASI -22% |
| Mortgage REITs | 34 | -21.7% | -2.9% | -35.1% | RITM 25% · DX 17% · AGNC 6% |
| Transaction & Payment Processing Services | 17 | 0.6% | 8.3% | -36.6% | V 84% · MA 80% · CPAY 47% |
| Diversified Capital Markets | 20 | -53.8% | 13.4% | -63.7% | LPLA 89% · TW 45% · RIOT -52% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.81 |
| Mkt Cap | 4.0 |
| Rev LTM | 1,045 |
| Op Inc LTM | - |
| FCF LTM | 273 |
| FCF 3Y Avg | 225 |
| CFO LTM | 285 |
| CFO 3Y Avg | 239 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 27.2% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 20.1% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 32.8% |
| CFO/Rev 3Y Avg | 34.0% |
| FCF/Rev LTM | 30.1% |
| FCF/Rev 3Y Avg | 30.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking Business | 722 | 725 | 313 | 645 | 526 |
| Insurance Agency Business | 97 | ||||
| Other/Eliminations | -0 | ||||
| Total | 722 | 725 | 313 | 645 | 623 |
| $ Mil | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|
| Banking Business | 185 | 140 | 5 | 122 |
| Insurance Agency Business | 11 | 10 | 14 | 10 |
| Other/Eliminations | 4 | 4 | 4 | 3 |
| Total | 200 | 155 | 23 | 135 |
| $ Mil | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|
| Banking Business | 22,498 | 23,377 | 15,831 | 11,515 |
| Insurance Agency Business | 215 | 205 | 200 | 166 |
| Other/Eliminations | -67 | -69 | -67 | -52 |
| Total | 22,647 | 23,512 | 15,964 | 11,629 |
Price Behavior
| Market Price | $21.51 | |
| Market Cap ($ Bil) | 4.7 | |
| First Trading Date | 10/15/2020 | |
| Distance from 52W High | -8.4% | |
| 50 Days | 200 Days | |
| DMA Price | $21.75 | $20.72 |
| DMA Trend | down | up |
| Distance from DMA | -1.1% | 3.8% |
| 3M | 1YR | |
| Volatility | 16.9% | 24.7% |
| Downside Capture | 88.77 | 71.57 |
| Upside Capture | 42.36 | 79.74 |
| Correlation (S&P 500) | 30.7% | 33.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.51 | 0.67 | 0.61 | 0.77 | 1.00 |
| Up Beta | -2.01 | 0.46 | 0.03 | 0.30 | 0.59 | 0.93 |
| Down Beta | 1.85 | 1.50 | 0.79 | 0.37 | 0.63 | 1.00 |
| Up Capture | 38% | 10% | 67% | 70% | 86% | 115% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 18 | 31 | 65 | 124 | 377 |
| Down Capture | 120% | 100% | 110% | 88% | 89% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 23 | 32 | 58 | 123 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBC | |
|---|---|---|---|---|
| EBC | 18.6% | 24.7% | 0.63 | - |
| Sector ETF (XLF) | 7.5% | 14.4% | 0.27 | 53.1% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 33.1% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 13.1% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -24.4% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 37.2% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBC | |
|---|---|---|---|---|
| EBC | 3.5% | 32.2% | 0.15 | - |
| Sector ETF (XLF) | 9.7% | 18.3% | 0.39 | 62.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 47.5% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 2.2% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 5.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 46.0% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 15.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EBC | |
|---|---|---|---|---|
| EBC | 7.5% | 31.0% | 0.43 | - |
| Sector ETF (XLF) | 13.1% | 22.1% | 0.54 | 60.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 46.4% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 8.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 44.1% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.3% | 2.2% | 0.5% |
| 4/23/2026 | -3.0% | -1.4% | -3.2% |
| 1/22/2026 | -1.5% | 0.2% | 0.5% |
| 10/23/2025 | -3.8% | -5.2% | -0.8% |
| 7/24/2025 | 1.2% | -2.0% | 6.5% |
| 4/24/2025 | -6.5% | -5.3% | -6.4% |
| 1/23/2025 | 1.4% | 4.8% | -0.5% |
| 10/24/2024 | -4.8% | -2.3% | 12.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 13 |
| # Negative | 12 | 13 | 10 |
| Median Positive | 1.4% | 2.1% | 3.8% |
| Median Negative | -3.6% | -2.7% | -4.6% |
| Max Positive | 3.4% | 4.8% | 12.6% |
| Max Negative | -9.0% | -10.1% | -9.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.3% | 2.2% | 0.5% |
| 4/23/2026 | -3.0% | -1.4% | -3.2% |
| 1/22/2026 | -1.5% | 0.2% | 0.5% |
| 10/23/2025 | -3.8% | -5.2% | -0.8% |
| 7/24/2025 | 1.2% | -2.0% | 6.5% |
| 4/24/2025 | -6.5% | -5.3% | -6.4% |
| 1/23/2025 | 1.4% | 4.8% | -0.5% |
| 10/24/2024 | -4.8% | -2.3% | 12.6% |
| 7/25/2024 | 3.4% | -4.0% | 2.0% |
| 4/25/2024 | 0.8% | 3.6% | 4.9% |
| 1/25/2024 | 0.4% | -0.1% | -6.0% |
| 10/26/2023 | -3.9% | -2.7% | 3.4% |
| 7/27/2023 | 3.2% | 0.4% | -6.2% |
| 4/27/2023 | 3.1% | -6.2% | 0.1% |
| 1/26/2023 | -9.0% | -9.0% | -9.9% |
| 10/27/2022 | -7.8% | -10.1% | -9.2% |
| 7/28/2022 | 2.3% | 1.6% | 0.7% |
| 4/28/2022 | -2.8% | -1.8% | -1.0% |
| 1/27/2022 | 1.8% | 2.0% | 7.7% |
| 10/28/2021 | 0.7% | 4.0% | -1.1% |
| 7/29/2021 | -3.4% | -1.0% | 5.3% |
| 4/29/2021 | -1.2% | 2.9% | 3.8% |
| 1/29/2021 | -1.0% | 1.2% | 10.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 13 |
| # Negative | 12 | 13 | 10 |
| Median Positive | 1.4% | 2.1% | 3.8% |
| Median Negative | -3.6% | -2.7% | -4.6% |
| Max Positive | 3.4% | 4.8% | 12.6% |
| Max Negative | -9.0% | -10.1% | -9.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/29/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 09/24/2020 | 10-Q |
| 03/31/2020 | 08/18/2020 | 424B3 |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Dividends Per Share | Reported | 0.15 | 0.0% | Same New | Guidance: 0.15 for Q3 2026 | |||
Prior: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Dividends | Reported | 0.15 | ||||||
| 2027 Share Repurchases | Reported | 11.35 Mil | ||||||
Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Share Repurchase Program Completion | Reported | |||||||
Q4 2025 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Quarterly Cash Dividend | Reported | 0.13 | ||||||
Insider Activity
Updated 9/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bane, Richard Corey | Direct | Sell | 9152026 | 21.78 | 4,000 | 87,120 | 4,323,286 | Form | |
| 2 | Henry, Kathleen Cloherty | Executive VP, General Counsel | Direct | Sell | 9032026 | 21.68 | 14,000 | 303,520 | 935,405 | Form |
| 3 | Antonakes, Steven Louis | Executive VP | Direct | Sell | 9022026 | 21.95 | 13,500 | 296,325 | 1,356,290 | Form |
| 4 | Westermann, Donald Michael | Chief Information Officer | Direct | Sell | 9022026 | 21.77 | 10,407 | 226,560 | 491,240 | Form |
| 5 | Westermann, Donald Michael | Chief Information Officer | 401(k) | Sell | 9022026 | 21.43 | 23,005 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bane, Richard Corey | Direct | Sell | 9152026 | 21.78 | 4,000 | 87,120 | 4,323,286 | Form | |
| 2 | Henry, Kathleen Cloherty | Executive VP, General Counsel | Direct | Sell | 9032026 | 21.68 | 14,000 | 303,520 | 935,405 | Form |
| 3 | Antonakes, Steven Louis | Executive VP | Direct | Sell | 9022026 | 21.95 | 13,500 | 296,325 | 1,356,290 | Form |
| 4 | Westermann, Donald Michael | Chief Information Officer | Direct | Sell | 9022026 | 21.77 | 10,407 | 226,560 | 491,240 | Form |
| 5 | Westermann, Donald Michael | Chief Information Officer | 401(k) | Sell | 9022026 | 21.43 | 23,005 | Form | ||
| 6 | Casey, Joseph F | Traditional IRA | Sell | 8262026 | 22.69 | 1,778 | 40,343 | 1,368,230 | Form | |
| 7 | Casey, Joseph F | Traditional IRA | Sell | 8252026 | 22.72 | 10,000 | 227,200 | 1,410,435 | Form | |
| 8 | Casey, Joseph F | Traditional IRA | Sell | 8242026 | 22.96 | 10,000 | 229,600 | 1,654,934 | Form | |
| 9 | Casey, Joseph F | Traditional IRA | Sell | 8202026 | 23.62 | 10,000 | 236,200 | 2,174,906 | Form | |
| 10 | Borgen, Luis | Direct | Sell | 7072026 | 22.71 | 1,710 | 38,834 | 464,987 | Form | |
| 11 | Borgen, Luis | Direct | Sell | 6302026 | 21.97 | 1,709 | 37,547 | 487,404 | Form | |
| 12 | Rosato, R David | Chief Financial Officer | Spouse in Trust | Buy | 3092026 | 18.45 | 5,000 | 92,250 | 922,500 | Form |
| 13 | Rosato, R David | Chief Financial Officer | Spouse in Trust | Buy | 3092026 | 19.17 | 5,000 | 95,850 | 862,650 | Form |
| 14 | Sheahan, Denis K | Chief Executive Officer | IRA | Sell | 3032026 | 13.85 | 1 | 14 | 461,274 | Form |
| 15 | Ahlquist, David Andrew | SVP, Chief Accounting Officer | Direct | Sell | 2052026 | 21.65 | 10,000 | 216,500 | 206,065 | Form |
| 16 | Westermann, Donald Michael | Chief Information Officer | Direct | Sell | 1292026 | 20.11 | 21,256 | 427,458 | 419,495 | Form |
| 17 | Borgen, Luis | Direct | Sell | 12092025 | 19.33 | 4,500 | 86,985 | 386,813 | Form | |
| 18 | Borgen, Luis | Direct | Sell | 12022025 | 19.05 | 4,500 | 85,725 | 466,935 | Form | |
| 19 | Casey, Joseph F | Direct | Sell | 12012025 | 19.03 | 322,771 | 6,142,332 | 687,211 | Form | |
| 20 | Rosato, R David | Chief Financial Officer | Spouse in Trust | Buy | 10292025 | 16.88 | 10,000 | 168,800 | 675,200 | Form |
| 21 | Rosato, R David | Chief Financial Officer | Spouse in Trust | Buy | 10292025 | 17.08 | 10,000 | 170,800 | 512,400 | Form |
| 22 | Rivers, Robert Francis | Executive Chair | Direct | Buy | 10282025 | 17.21 | 50,000 | 860,500 | 6,940,346 | Form |
Investor Activity (13F)
Updated Oct 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.