PVG Asset Management Corp Makes New $1.07 Million Investment in Eastern Bankshares, Inc. $EBC

PVG Asset Management Corp bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 52,581 shares of the company’s stock, valued at approximately $1,074,000.

Other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE grew its stake in shares of Eastern Bankshares by 18.8% during the 1st quarter. Bank of America Corp DE now owns 768,621 shares of the company’s stock worth $15,034,000 after purchasing an additional 121,884 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Eastern Bankshares by 32.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock valued at $42,000 after purchasing an additional 529 shares during the period. California State Teachers Retirement System boosted its holdings in Eastern Bankshares by 30.6% during the first quarter. California State Teachers Retirement System now owns 267,739 shares of the company’s stock worth $5,237,000 after buying an additional 62,679 shares in the last quarter. Empowered Funds LLC boosted its holdings in Eastern Bankshares by 130.6% during the first quarter. Empowered Funds LLC now owns 115,735 shares of the company’s stock worth $2,264,000 after buying an additional 65,537 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Eastern Bankshares by 378.4% during the first quarter. Quantinno Capital Management LP now owns 213,703 shares of the company’s stock worth $4,180,000 after buying an additional 169,031 shares during the period. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the sale, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EBC. Barclays dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. TD Cowen boosted their price target on Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Stephens cut Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a report on Tuesday, July 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Finally, Weiss Ratings raised Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

Eastern Bankshares Stock Performance

Shares of EBC opened at $22.96 on Monday. Eastern Bankshares, Inc. has a 12-month low of $14.88 and a 12-month high of $23.75. The stock has a market cap of $5.31 billion, a P/E ratio of 13.05 and a beta of 0.67. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average of $21.54 and a two-hundred day moving average of $20.59.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.00 million for the quarter, compared to analyst estimates of $308.20 million. As a group, research analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. Eastern Bankshares’s dividend payout ratio is presently 34.09%.

About Eastern Bankshares

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.