TD Cowen Cuts Eastern Bankshares (NASDAQ:EBC) Price Target to $25.00

Key Points

• TD Cowen lowered Eastern Bankshares’ price target from $26 to $25 while maintaining a “buy” rating, implying approximately 17.5% upside from the stock’s $21.27 price.
• Analyst sentiment remains positive, with six Buy ratings and three Hold ratings producing a “Moderate Buy” consensus and an average target of $24.71.
• Eastern Bankshares exceeded quarterly expectations, reporting $0.49 in EPS versus a $0.46 estimate and revenue of $316.01 million versus $308.20 million expected; however, insiders sold 65,190 shares worth about $1.45 million during the last quarter.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) had its target price dropped by analysts at TD Cowen from $26.00 to $25.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 17.54% from the company's current price.

EBC has been the topic of a number of other reports. Seaport Research Partners reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Eastern Bankshares in a research note on Monday, July 27th. DA Davidson upped their target price on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Keefe, Bruyette & Woods raised their price target on Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Finally, Hovde Group lifted their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.71.

Eastern Bankshares Trading Down 0.9%

NASDAQ:EBC traded down $0.20 on Monday, hitting $21.27. 397,328 shares of the stock were exchanged, compared to its average volume of 2,492,709. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. Eastern Bankshares has a 52 week low of $16.61 and a 52 week high of $23.77. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of 12.09 and a beta of 0.70. The company's 50-day moving average price is $22.30 and its 200 day moving average price is $21.19.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (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 company had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. On average, equities research analysts forecast that Eastern Bankshares will post 1.87 earnings per share for the current year.

Insider Activity at Eastern Bankshares

In related news, Director Joseph Casey sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $22.72, for a total transaction of $227,200.00. Following the completion of the sale, the director directly owned 62,079 shares of the company's stock, valued at approximately $1,410,434.88. This represents a 13.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donald Westermann sold 23,005 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total transaction of $492,997.15. Following the sale, the insider owned 22,565 shares in the company, valued at $483,567.95. This trade represents a 50.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 65,190 shares of company stock valued at $1,452,900 over the last quarter. 1.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Eastern Bankshares

Several institutional investors have recently added to or reduced their stakes in EBC. Deutsche Bank AG bought a new position in Eastern Bankshares during the 2nd quarter worth about $5,066,000. Oregon Public Employees Retirement Fund bought a new stake in shares of Eastern Bankshares in the second quarter valued at about $1,074,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Eastern Bankshares by 25.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company's stock valued at $28,319,000 after purchasing an additional 289,458 shares in the last quarter. Basswood Capital Management L.L.C. acquired a new position in shares of Eastern Bankshares during the fourth quarter worth about $21,957,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Eastern Bankshares during the second quarter worth about $28,708,000. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc NASDAQ: EBC is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual bank franchises in the United States before becoming a publicly traded company in 2020.

Eastern Bank provides banking and financial services to businesses, organizations, professionals and individual consumers. Its offerings include commercial and residential lending, business and personal deposit accounts, cash-management and treasury services, consumer banking, mortgage services, wealth management and investment services.

The company primarily serves communities in eastern Massachusetts and southern New Hampshire through a network of banking offices and digital banking channels.

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