William Blair Investment Management LLC Reduces Stock Holdings in Eastern Bankshares, Inc. $EBC

William Blair Investment Management LLC reduced its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 9.3% during the 4th quarter, Holdings Channel reports. The fund owned 1,893,928 shares of the company’s stock after selling 194,350 shares during the period. William Blair Investment Management LLC’s holdings in Eastern Bankshares were worth $34,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after acquiring an additional 762 shares during the last quarter. Danske Bank A S boosted its holdings in shares of Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares during the last quarter. Allworth Financial LP boosted 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 acquiring an additional 584 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Eastern Bankshares in the 3rd quarter valued at $49,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter valued at $52,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $19.85 on Monday. The company’s fifty day moving average price is $19.80 and its 200 day moving average price is $19.55. Eastern Bankshares, Inc. has a 1 year low of $14.10 and a 1 year high of $22.58. The company has a market capitalization of $4.59 billion, a PE ratio of 11.15 and a beta of 0.70. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The firm had revenue of $295.90 million for the quarter, compared to analysts’ expectations of $308.68 million. On average, research analysts predict 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 will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 5th. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 3.0%. Eastern Bankshares’s payout ratio is 29.21%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stephens assumed coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price objective on the stock. DA Davidson assumed coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target on the stock. TD Cowen lowered their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Barclays lowered their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Finally, Weiss Ratings raised shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.92.

Insider Transactions at Eastern Bankshares

In related news, CFO R David Rosato acquired 5,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were acquired at an average cost of $19.17 per share, with a total value of $95,850.00. Following the completion of the acquisition, the chief financial officer directly owned 45,000 shares in the company, valued at approximately $862,650. This trade represents a 12.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.26% of the stock is currently owned by insiders.

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.