Eastern Bankshares (NASDAQ:EBC) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Eastern Bankshares from “sell” to “hold.” Overall analyst sentiment remains “Moderate Buy,” with six Buy ratings, three Holds, and a consensus price target of $24.86.
• Eastern Bankshares reported quarterly EPS of $0.49, beating estimates of $0.46, while revenue of $316.01 million also exceeded forecasts. Shares recently opened at $22.74, near their 52-week high of $23.77.
• Institutional investors own 71.68% of the company, with Vanguard among the largest holders, while insiders have sold 13,419 shares worth approximately $312,581 over the past three months.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

EBC has been the subject of several other reports. Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Seaport Research Partners restated a "buy" rating and issued a $27.00 price objective on shares of Eastern Bankshares in a research note on Monday, July 27th. Barclays decreased their target price on Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating for the company in a research report on Monday, April 27th. TD Cowen lifted their target price on Eastern Bankshares from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.86.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $22.74 on Friday. The firm has a market cap of $5.20 billion, a PE ratio of 12.92 and a beta of 0.68. The company has a fifty day moving average price of $22.47 and a 200 day moving average price of $20.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares has a 1-year low of $15.95 and a 1-year high of $23.77.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly 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. The firm had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Research analysts predict that Eastern Bankshares will post 1.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Joseph F. Casey sold 10,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $23.62, for a total transaction of $236,200.00. Following the completion of the transaction, the director directly owned 82,079 shares of the company's stock, valued at approximately $1,938,705.98. This represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Luis Borgen sold 1,710 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares of the company's stock, valued at $464,987.25. This represents a 7.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,419 shares of company stock valued at $312,581. 1.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Eastern Bankshares by 12.6% in the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after buying an additional 2,440,017 shares during the period. UBS Group AG raised its holdings in Eastern Bankshares by 249.9% during the 4th quarter. UBS Group AG now owns 1,810,225 shares of the company's stock valued at $33,362,000 after acquiring an additional 1,292,857 shares during the period. Algebris UK Ltd. raised its holdings in Eastern Bankshares by 21.8% during the 4th quarter. Algebris UK Ltd. now owns 624,471 shares of the company's stock valued at $11,514,000 after acquiring an additional 111,811 shares during the period. Oregon Public Employees Retirement Fund purchased a new stake in shares of Eastern Bankshares during the second quarter worth $1,074,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Eastern Bankshares by 25.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company's stock worth $28,319,000 after acquiring an additional 289,458 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors.

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.

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