Swiss National Bank Acquires 65,764 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Swiss National Bank grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 21.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 378,564 shares of the company’s stock after buying an additional 65,764 shares during the quarter. Swiss National Bank owned 0.18% of Eastern Bankshares worth $6,205,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. V Square Quantitative Management LLC acquired a new stake in shares of Eastern Bankshares during the third quarter worth $25,000. PFS Partners LLC acquired a new stake in Eastern Bankshares during the 3rd quarter worth $32,000. Sachetta LLC bought a new position in Eastern Bankshares during the second quarter worth about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in Eastern Bankshares by 1,155.9% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after acquiring an additional 3,988 shares during the period. Finally, Innealta Capital LLC bought a new stake in shares of Eastern Bankshares in the second quarter worth about $85,000. 71.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Trading Down 1.4 %

EBC stock opened at $18.76 on Wednesday. The stock has a 50-day moving average price of $17.13 and a two-hundred day moving average price of $15.66. Eastern Bankshares, Inc. has a 1 year low of $11.86 and a 1 year high of $19.40. The stock has a market cap of $4.03 billion, a PE ratio of 8.09 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The firm had revenue of $299.55 million for the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter in the previous year, the business posted $0.32 earnings per share. On average, analysts forecast that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.56%. Eastern Bankshares’s dividend payout ratio (DPR) is 18.97%.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.15% of the stock is currently owned by insiders.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.