Eastern Bankshares (NASDAQ:EBC) Director Sells $38,834.10 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the transaction, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Luis Borgen also recently made the following trade(s):

• On Monday, June 29th, Luis Borgen sold 1,709 shares of Eastern Bankshares stock. The shares were sold at an average price of $21.97, for a total transaction of $37,546.73.

Eastern Bankshares Trading Up 2.4%

NASDAQ EBC opened at $22.18 on Friday. The firm’s 50-day moving average is $20.54 and its two-hundred day moving average is $20.15. Eastern Bankshares, Inc. has a 12 month low of $14.88 and a 12 month high of $22.89. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $5.13 billion, a P/E ratio of 12.46 and a beta of 0.67.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $295.90 million for the quarter, compared to analysts’ expectations of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. On average, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 5th. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio is 33.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. Stephens initiated coverage on Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price objective on the stock. Barclays cut their price objective on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Piper Sandler raised their target price on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.

Hedge Funds Weigh In On Eastern Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in EBC. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 32.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock worth $42,000 after acquiring an additional 529 shares in the last quarter. 1620 Investment Advisors Inc. raised its holdings in shares of Eastern Bankshares by 8.3% in the 4th quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock valued at $131,000 after purchasing an additional 543 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after purchasing an additional 584 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Eastern Bankshares by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock worth $513,000 after purchasing an additional 584 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Eastern Bankshares by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock worth $2,739,000 after purchasing an additional 660 shares during the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.