27,510 Shares in Eastern Bankshares, Inc. $EBC Bought by State of Wyoming

State of Wyoming purchased a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 27,510 shares of the company’s stock, valued at approximately $612,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after acquiring an additional 762 shares in the last quarter. Danske Bank A S raised its holdings in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the 4th quarter worth about $40,000. SHP Wealth Management purchased a new position in Eastern Bankshares during the fourth quarter worth approximately $52,000. Finally, Bayforest Capital Ltd acquired a new stake in Eastern Bankshares in the fourth quarter valued at approximately $60,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 20,475 shares of the company’s stock, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.26% of the company’s stock.

Eastern Bankshares Stock Performance

Shares of EBC stock opened at $23.63 on Monday. Eastern Bankshares, Inc. has a fifty-two week low of $15.71 and a fifty-two week high of $23.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $22.22 and its two-hundred day moving average is $20.84. The firm has a market capitalization of $5.40 billion, a P/E ratio of 13.43 and a beta of 0.68.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Research analysts expect that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. Eastern Bankshares’s dividend payout ratio is presently 34.09%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EBC. Piper Sandler restated an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Barclays decreased their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, April 27th. Stephens cut shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research note on Tuesday, July 28th. DA Davidson boosted their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Wall Street Zen cut shares of Eastern Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

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.