Eastern Bankshares (NASDAQ:EBC) Trading 3.6% Higher - Time to Buy?

Key Points

• EBC stock increased by 3.6% recently, reaching a trading price of $17.84, despite a decline in trading volume.
• Analysts have mixed ratings on the stock, with three recommending a Buy and one a Sell, while the average price target is set at $21.50.
• Eastern Bankshares recently declared a quarterly dividend of $0.13 per share, yielding 2.9%, though the company has a negative dividend payout ratio of -167.74%.

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) traded up 3.6% during mid-day trading on Friday . The stock traded as high as $17.91 and last traded at $17.84. 1,014,525 shares traded hands during trading, a decline of 36% from the average session volume of 1,576,986 shares. The stock had previously closed at $17.22.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Cowen initiated coverage on Eastern Bankshares in a research note on Wednesday, September 24th. They set a "buy" rating on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Eastern Bankshares in a report on Wednesday, October 8th. Finally, TD Cowen initiated coverage on shares of Eastern Bankshares in a research report on Thursday, September 25th. They issued a "buy" rating and a $23.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $21.50.

Eastern Bankshares Stock Up 4.4%

The company has a fifty day moving average of $17.34 and a two-hundred day moving average of $15.95. The company has a market cap of $3.80 billion, a PE ratio of -58.11 and a beta of 0.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. The firm had revenue of $162.26 million for the quarter. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is currently -167.74%.

Insiders Place Their Bets

In other news, President Quincy Lee Miller bought 13,706 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was purchased at an average price of $17.07 per share, with a total value of $233,961.42. Following the completion of the acquisition, the president directly owned 13,706 shares of the company's stock, valued at $233,961.42. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Eastern Bankshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC raised its position in shares of Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after acquiring an additional 484,277 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Eastern Bankshares in the first quarter valued at approximately $277,000. GAMMA Investing LLC grew its holdings in Eastern Bankshares by 3,049.8% in the first quarter. GAMMA Investing LLC now owns 29,766 shares of the company's stock valued at $488,000 after purchasing an additional 28,821 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Eastern Bankshares during the 1st quarter valued at approximately $3,717,000. Finally, Moody Lynn & Lieberson LLC lifted its position in shares of 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 buying an additional 18,572 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

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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