EBC - Eastern Bank's Recent Earnings Are Another Reason I'm Bullish on This Stock
The newly public Eastern Bankshares (NASDAQ: EBC) just released its third-quarter earnings results, and they're one more reason I'm bullish on this $14 billion asset bank. Eastern's stock is already up more than 40% in a little over a month of trading, and there should be more room to run. Here's why.
Image source: Eastern Bank 2018 Annual Review.
The Boston-based Eastern turned a profit of $28.5 million in the third quarter. That's down about 20% from the same period of 2019, but still very solid when you consider what the coronavirus pandemic has done to the banking sector and the ultra-low-rate environment that is cutting into banks' loan margins. And that same low-rate environment has brought down Eastern's cost of deposits to just 0.12% at the end of the third quarter, which is superb.
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Eastern Bank's Recent Earnings Are Another Reason I'm Bullish on This Stock