Eastern Bankshares (NASDAQ:EBC) Given New $20.00 Price Target at Keefe, Bruyette & Woods

Eastern Bankshares (NASDAQ:EBC - Get Free Report) had its price target lowered by investment analysts at Keefe, Bruyette & Woods from $22.00 to $20.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 35.66% from the stock's current price.

Eastern Bankshares Trading Down 0.2 %

Shares of EBC traded down $0.03 during trading hours on Monday, reaching $14.74. 418,527 shares of the stock traded hands, compared to its average volume of 1,077,432. Eastern Bankshares has a 52-week low of $12.54 and a 52-week high of $19.40. The company has a market cap of $3.15 billion, a P/E ratio of 21.99 and a beta of 0.96. The company's 50-day moving average price is $16.04 and its two-hundred day moving average price is $17.16.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $222.40 million for the quarter, compared to analysts' expectations of $226.98 million. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. On average, research analysts forecast that Eastern Bankshares will post 1.49 EPS for the current year.

Insider Activity at Eastern Bankshares

In other news, CFO R David Rosato purchased 10,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares of the company's stock, valued at approximately $308,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by insiders.

Institutional Trading of Eastern Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in EBC. Barclays PLC lifted its holdings in Eastern Bankshares by 284.1% during the 3rd quarter. Barclays PLC now owns 617,306 shares of the company's stock valued at $10,118,000 after buying an additional 456,586 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Eastern Bankshares in the third quarter worth approximately $220,000. Tidal Investments LLC purchased a new position in shares of Eastern Bankshares during the third quarter valued at $761,000. JPMorgan Chase & Co. lifted its position in shares of Eastern Bankshares by 5.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,591,712 shares of the company's stock worth $26,088,000 after purchasing an additional 86,810 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of Eastern Bankshares by 6.5% during the fourth quarter. Diversified Trust Co now owns 20,971 shares of the company's stock valued at $362,000 after purchasing an additional 1,272 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors.

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.

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