Jupiter Asset Management Ltd. Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Key Points

• Jupiter Asset Management Ltd. acquired 226,637 shares of Eastern Bankshares, Inc. during the 1st quarter, representing an investment of approximately $3.7 million.
• Eastern Bankshares recently announced a quarterly dividend of $0.13 per share, which will be distributed to stockholders on September 15th.
• The company's stock price opened at $15.03, with a market capitalization of $3.21 billion and a negative net margin of 6.49%.

Jupiter Asset Management Ltd. bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 226,637 shares of the company's stock, valued at approximately $3,717,000. Jupiter Asset Management Ltd. owned approximately 0.11% of Eastern Bankshares at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of EBC. M&T Bank Corp grew its holdings in shares of Eastern Bankshares by 2.5% during the first quarter. M&T Bank Corp now owns 31,797 shares of the company's stock worth $521,000 after buying an additional 768 shares in the last quarter. Xponance Inc. grew its position in Eastern Bankshares by 6.0% in the first quarter. Xponance Inc. now owns 14,599 shares of the company's stock valued at $239,000 after acquiring an additional 821 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Eastern Bankshares by 92.1% during the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after purchasing an additional 870 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Eastern Bankshares by 19.9% during the first quarter. Principal Financial Group Inc. now owns 12,793 shares of the company's stock worth $210,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in Eastern Bankshares by 11.8% in the fourth quarter. Cerity Partners LLC now owns 20,791 shares of the company's stock valued at $358,000 after acquiring an additional 2,196 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Monday, April 28th.

Insider Buying and Selling

In other news, Director Luis Borgen sold 2,348 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80. Following the completion of the transaction, the director directly owned 29,011 shares of the company's stock, valued at $452,571.60. This represents a 7.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

Eastern Bankshares Price Performance

Shares of EBC stock traded down $0.11 during trading hours on Thursday, hitting $15.03. 1,239,214 shares of the company's stock were exchanged, compared to its average volume of 1,367,725. The company has a market capitalization of $3.21 billion, a PE ratio of -48.48 and a beta of 0.94. The business's 50 day simple moving average is $15.37 and its 200-day simple moving average is $16.02. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.03. The firm had revenue of $249.10 million during the quarter, compared to analyst estimates of $241.32 million. Eastern Bankshares had a positive return on equity of 7.38% and a negative net margin of 6.49%. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be given a $0.13 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 3.5%. Eastern Bankshares's dividend payout ratio is currently -167.74%.

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.