Next stop, $23/share?
Certainly seems that way. The general realization that interest rates may go higher sooner than expected has Wall Street focused on banks as an undervalued investment class, and EBC benefits from that. It also has the added appeal of being the best Massachusetts-based bank IMHO.
More than $1B of IPO money still clogging the balance sheet, along with a bumper crop of deposits from Eastern's prosperous and loyal customer base.
When IPO cash is deployed for another acquisition, income will inevitably rise.
Acquisitions seem to be the only way banks can get loans on their balance sheet these days, and loans are worth more than surplus cash. Finding good credits to loan to is the main problem, because Eastern is conservative and does not give away cash.
I encourage you to read the latest 10Q and to explore the slides from the latest conference call. All in the investor section of the company's website.
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