XTX Topco Ltd Invests $350,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

XTX Topco Ltd purchased a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,300 shares of the company's stock, valued at approximately $350,000.

A number of other hedge funds also recently modified their holdings of the company. 1620 Investment Advisors Inc. acquired a new position in Eastern Bankshares during the 4th quarter valued at about $33,000. Sterling Capital Management LLC increased its position in shares of Eastern Bankshares by 836.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock worth $107,000 after acquiring an additional 5,555 shares in the last quarter. KBC Group NV raised its stake in shares of Eastern Bankshares by 69.5% in the 4th quarter. KBC Group NV now owns 9,246 shares of the company's stock valued at $159,000 after purchasing an additional 3,791 shares during the period. Whittier Trust Co. acquired a new stake in Eastern Bankshares in the 4th quarter valued at approximately $172,000. Finally, RFG Bristol Wealth Advisors LLC acquired a new stake in shares of Eastern Bankshares in the fourth quarter valued at approximately $178,000. Institutional investors own 71.68% of the company's stock.

Insider Transactions at Eastern Bankshares

In other news, CFO R David Rosato bought 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $15.40 per share, with a total value of $154,000.00. Following the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $308,000. This represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is owned by insiders.

Eastern Bankshares Stock Down 1.0 %

Shares of EBC traded down $0.15 during mid-day trading on Tuesday, hitting $14.70. 459,430 shares of the company's stock were exchanged, compared to its average volume of 1,082,110. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 21.90 and a beta of 0.96. The stock's 50-day simple moving average is $15.96 and its 200-day simple moving average is $17.15. Eastern Bankshares, Inc. has a 52 week low of $12.54 and a 52 week high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.01. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. The business had revenue of $222.40 million for the quarter, compared to analyst estimates of $226.98 million. Analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, June 3rd will be paid a $0.13 dividend. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 3.54%. The ex-dividend date is Tuesday, June 3rd. Eastern Bankshares's payout ratio is 71.64%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lowered their price objective on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Monday.

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.