Eastern Bankshares' (EBC) Sell (D+) Rating Reiterated at Weiss Ratings

Key Points

• Eastern Bankshares' stock has a "sell (D+)" rating reiterated by Weiss Ratings, while Cowen initiated coverage with a "buy" rating and a $23.00 price target.
• The company reported $162.26 million in revenue for the most recent quarter, with an earnings per share (EPS) of $0.32.
• Insider buying was noted, with President Quincy Lee Miller purchasing 13,706 shares at an average price of $17.07 per share, indicating confidence from company leadership.

Eastern Bankshares (NASDAQ:EBC - Get Free Report)'s stock had its "sell (d+)" rating reissued by equities researchers at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Other analysts have also recently issued reports about the company. Cowen started coverage on Eastern Bankshares in a report on Wednesday, September 24th. They set a "buy" rating on the stock. TD Cowen began coverage on shares of Eastern Bankshares in a research note on Thursday, September 25th. They set a "buy" rating and a $23.00 price target on the stock. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.50.

Eastern Bankshares Stock Down 3.8%

EBC opened at $17.66 on Friday. The company has a market capitalization of $3.73 billion, a PE ratio of 70.64 and a beta of 0.95. The firm has a 50-day simple moving average of $17.65 and a two-hundred day simple moving average of $16.08. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a 52 week low of $13.51 and a 52 week high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. Eastern Bankshares had a return on equity of 8.04% and a net margin of 4.97%.The company had revenue of $162.26 million for the quarter. Analysts forecast that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastern Bankshares

In related news, President Quincy Lee Miller bought 13,706 shares of the business's stock in a transaction dated Wednesday, August 27th. The shares were purchased at an average price of $17.07 per share, with a total value of $233,961.42. Following the transaction, the president owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Eastern Bankshares

Large investors have recently modified their holdings of the stock. Jane Street Group LLC increased its position in shares of Eastern Bankshares by 789.9% during the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock valued at $8,948,000 after purchasing an additional 484,277 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Eastern Bankshares during the 1st quarter valued at approximately $277,000. Jupiter Asset Management Ltd. bought a new position in shares of Eastern Bankshares during the 1st quarter valued at approximately $3,717,000. GAMMA Investing LLC boosted its holdings in Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares during the period. Finally, Moody Lynn & Lieberson LLC boosted its holdings in Eastern Bankshares by 67.1% during the 1st quarter. Moody Lynn & Lieberson LLC now owns 46,245 shares of the company's stock valued at $758,000 after acquiring an additional 18,572 shares during the period. Institutional investors own 71.68% of the company's stock.

About Eastern Bankshares

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.

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