At a glance
Eastern Bankshares Inc is worth $5.15B, about 52 times its fiscal 2025 earnings. Revenue fell 1.2% to $722.6M in fiscal 2025, with 12.2% kept as profit. It pays a 2.49% dividend yield, raised every year for at least 4 years, and returned $731.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +34.7% over the past year with dividends reinvested and +4.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 17.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 43 months after the low.
The business in plain English
Eastern Bankshares is the Boston-based holding company for Eastern Bank, a Massachusetts bank founded in 1818. It gathers deposits through its branches and lends that money to businesses and households. Its loans include business loans, commercial real estate and construction loans, small business loans, residential mortgages and home equity loans. As of December 31, 2025, it had $30.6 billion in assets, $23.6 billion in gross loans and $25.5 billion in deposits.
Most of its income is net interest income. That is the gap between the interest it earns on loans and investments and the interest it pays on deposits and borrowings. Net interest income came to $828.6 million in fiscal 2025. The bank also earns fees from wealth management and trust services through its Cambridge Trust Wealth Management division. It also charges for cash management services for companies, institutions and local governments. Even so, noninterest income was a net loss of $105.9 million in fiscal 2025, which pulled total revenue down to $722.6 million.
Its market centers on greater Boston and covers eastern, central and southern Massachusetts, southern New Hampshire and Rhode Island. The Boston market held 91.2% of its deposits as of June 30, 2025, and its 4.4% share of deposits there was the fifth largest. HarborOne Bancorp merged into the company on November 1, 2025. The deal added loans and deposits and widened the bank's reach in Rhode Island.
Price history
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EBC +34.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $309.5M, up 26.4% from a year earlier, and net income was $105.2M (+5.0%).
- For fiscal 2025, revenue was $722.6M (-1.2% year over year) with a 12.2% net margin.
Financial health check
| Return on equity | 2% weak |
|---|---|
| Net income / revenue | 12.2% weak |
| Deposits | $25.92B |
| Loans | $22.96B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $579.6M | $22.7M | — |
| FY2021 | $527.3M | $154.7M | — |
| FY2022 | $644.8M | $199.8M | — |
| FY2023 | $312.7M | $232.2M | — |
| FY2024 | $731.5M | $119.6M | — |
| FY2025 | $722.6M | $88.2M | — |
Valuation snapshot
| Market value | $5.15B |
|---|---|
| P/E ratio | 52.4 |
| Dividend yield | 2.49% |
Rank among 1514 US companies
Market value at each year end
Eastern Bankshares’s market value went from $3.77B at the end of 2021 to $5.15B on Oct 28, 2026, up 37%; since the end of 2025 it is up 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.15B | +32.5% |
| 2025 | $3.89B | +4.9% |
| 2024 | $3.70B | +47.8% |
| 2023 | $2.51B | -17.8% |
| 2022 | $3.05B | -19.1% |
| 2021 | $3.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EBC price data to Oct 28, 2026 | +24.8% | +34.7% | +30.0% | +4.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.8% |
| 2025 | +10.1% |
| 2024 | +25.1% |
| 2023 | -15.0% |
| 2022 | -12.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.9% over that stretch · deepest drop along the way 17.7%, back to its old high 43.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 12 sales ($2.4M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Donald Michael Westermann Chief Information Officer | sell | $493K |
| Sep 2, 2026 | Kathleen Cloherty Henry Executive VP, General Counsel | sell | $304K |
| Sep 1, 2026 | Steven Louis Antonakes Executive VP | sell | $296K |
| Aug 19, 2026 | Joseph F Casey Director | sell (plan) | $236K |
| Aug 21, 2026 | Joseph F Casey Director | sell (plan) | $230K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.4% | Jun 30, 2026 |
| FMR LLC | 6.3% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.8% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.73% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.11% | Sep 30, 2026 |
ETFs with the most weight in EBC
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 2% |
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 1.8% |
| SVAL iShares US Small Cap Value Factor ETF | 1% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.79% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.64% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.63% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.55% |
| DFSV Dimensional US Small Cap Value ETF | 0.29% |
What could go wrong
- HarborOne integration could disappoint or cost more. HarborOne joined on November 1, 2025. If combining systems, staff and customers costs more or takes longer than expected, benefits may fall short. The $202.2 million premium paid, booked as goodwill, could be written down.
- Heavy dependence on the Boston-area economy. Lending is concentrated in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. The Boston market accounted for 91.2% of deposits as of June 30, 2025, so a local downturn could hit hard.
- Commercial real estate loans and weaker office demand. Commercial loans, including those backed by commercial real estate, are a big share of lending and generally riskier than other loans. Remote and hybrid work has reduced demand for office space locally.
- Interest rates can hurt profits and bond values. Rate changes affect net interest income, the gap between what loans earn and deposits cost. Its bonds lost value as rates rose from March 2022; those paper losses reduce equity and tangible book value.
- Online rivals compete hard for deposits. Non-bank firms gathering deposits online, with lower costs, often pay higher rates than branch-based banks like Eastern. Losing deposits or a shift to costlier ones would raise funding costs and could limit growth.
- Activist shareholders could distract management. The company lists activist shareholders among its material risks. A campaign could bring substantial costs and pull management's attention and resources away from running the bank.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Acquisition or sale of assets completed; Executive or board change; Investor presentation or announcement
For income and retirement investors
Eastern Bankshares began paying dividends in fiscal 2021 and has paid more per share every year since. The dividend reached $0.51 in fiscal 2025, up from $0.40 in fiscal 2022. The yield was 2.49% as of October 28, 2026. The catch: fiscal 2025 diluted earnings were $0.43 a share, so dividends took 119.8% of profit. Buybacks totaled $106.6 million in fiscal 2025. Even so, shares outstanding rose 22.4% from August 2021 to July 2026, partly because 26.9 million shares were issued for HarborOne.
In the 2022 bear market, the stock fell 17.7% from March 29 to June 16, 2022. It did not regain that peak until January 21, 2026, about 43 months after the low. As of October 28, 2026, its deepest fall from a high over about 5.7 years of price history was 52.3%. That history does not reach back to the 2008 crisis or the 2020 COVID crash. A single bank stock carries more risk than a diversified fund.
Questions investors ask
How does Eastern Bankshares make money?
Mainly from lending. Eastern Bank gathers deposits across the Boston area and lends to businesses and households. It earns net interest income, the gap between the interest it collects and the interest it pays. That came to $828.6 million in fiscal 2025. It also earns fees from wealth management and trust services through Cambridge Trust Wealth Management, and from cash management for companies, institutions and local governments. Even so, noninterest income was a net loss of $105.9 million in fiscal 2025, so total revenue was $722.6 million.
Does Eastern Bankshares raise its dividend every year?
Yes, through fiscal 2025. Eastern Bankshares began paying dividends in fiscal 2021 and has paid more per share every fiscal year since. That makes four straight increases, reaching $0.51 in fiscal 2025. The yield was 2.49% as of October 28, 2026. The caveat: fiscal 2025 diluted earnings were $0.43 a share, so dividends equaled 119.8% of profit. Any company finds it hard to keep paying out more than it earns unless profits grow.
Did Eastern Bankshares acquire HarborOne?
Yes. HarborOne Bancorp merged into Eastern Bankshares on November 1, 2025, and HarborOne Bank was folded into Eastern Bank. Each HarborOne share was exchanged for 0.765 Eastern shares or $12.00 in cash. Eastern issued 26.9 million shares and paid $74.6 million in cash, valuing the deal at about $550.1 million. The merger added loans and deposits, widened the bank's reach in Rhode Island and deepened its Greater Boston presence. In its annual report filed March 2, 2026, the company said it was not pursuing merger partners.
Why is Eastern Bankshares' P/E ratio so high?
Because fiscal 2025 profit was low. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. It was 52.4 as of October 28, 2026, based on fiscal 2025 diluted earnings of $0.43 a share. Net income fell 26.2% that year to $88.2 million. Return on equity, which is profit as a share of shareholders' equity, was just 2%. Net income for the quarter ended June 30, 2026 was $105.2 million, more than in all of fiscal 2025. A P/E based on newer earnings would look different.
Who owns the most Eastern Bankshares stock?
Large asset managers top the list. In SEC ownership filings, BlackRock reported 9.4% as of June 30, 2026. FMR LLC reported 6.3% as of March 31, 2026, and T. Rowe Price Investment Management 5.8% as of December 31, 2025. Vanguard Portfolio Management reported 5.73% and State Street 5.2%, both as of June 30, 2026. Community bank and small-cap funds also hold the stock, including the First Trust NASDAQ ABA Community Bank Index Fund (QABA) and the Dimensional US Small Cap Value ETF (DFSV).