Eastern Bank Acquires 155,363 Shares of Eastern Bankshares, Inc. $EBC

Eastern Bank boosted its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 11.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,458,016 shares of the company’s stock after purchasing an additional 155,363 shares during the quarter. Eastern Bank’s holdings in Eastern Bankshares were worth $22,264,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of EBC. GAMMA Investing LLC lifted its position in shares of Eastern Bankshares by 92.1% in the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company’s stock worth $30,000 after acquiring an additional 870 shares during the period. Strs Ohio bought a new stake in shares of Eastern Bankshares in the 1st quarter worth approximately $130,000. Barrett & Company Inc. bought a new stake in shares of Eastern Bankshares in the 1st quarter worth approximately $134,000. Cetera Investment Advisers bought a new stake in shares of Eastern Bankshares in the 1st quarter worth approximately $169,000. Finally, Net Worth Advisory Group bought a new stake in shares of Eastern Bankshares in the 1st quarter worth approximately $174,000. Institutional investors own 71.68% of the company’s stock.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller purchased 13,706 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was purchased at an average cost of $17.07 per share, with a total value of $233,961.42. Following the acquisition, the president directly owned 13,706 shares of the company’s stock, valued at approximately $233,961.42. This trade represents a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Eastern Bankshares in a research report on Wednesday. Cowen initiated coverage on Eastern Bankshares in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, TD Cowen initiated coverage on Eastern Bankshares in a report on Thursday, September 25th. They issued a “buy” rating and a $23.00 target price for the company. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Eastern Bankshares currently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

Eastern Bankshares Trading Down 4.1%

Shares of EBC opened at $17.82 on Friday. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $17.09 and a 200-day simple moving average of $15.91. The stock has a market cap of $3.77 billion, a PE ratio of -57.48 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share for the quarter. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The firm had revenue of $162.26 million during the quarter. On average, sell-side analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, September 3rd were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is currently -167.74%.

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.