66,290 Shares in Eastern Bankshares, Inc. $EBC Purchased by Algert Global LLC

Key Points

• Algert Global LLC initiated a position in Eastern Bankshares, purchasing 66,290 shares valued at approximately $1.47 million. Institutional investors collectively own 71.68% of the company.
• Eastern Bankshares exceeded quarterly expectations, reporting $0.49 in EPS versus the $0.46 consensus estimate and revenue of $316.01 million. The company also declared a quarterly dividend of $0.15 per share, equivalent to a 2.7% annual yield.
• Analyst sentiment remains positive, with six Buy ratings and three Holds and an average price target of $24.86 versus the stock’s reported $22.29 price. However, insiders sold 35,197 shares worth approximately $809,724 over the past three months.

Algert Global LLC acquired a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 66,290 shares of the company's stock, valued at approximately $1,474,000.

Other large investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock worth $30,000 after acquiring an additional 762 shares during the period. Danske Bank A S lifted its stake in shares of Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock valued at $35,000 after purchasing an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $40,000. SHP Wealth Management bought a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $52,000. Finally, Trust Co. of Vermont purchased a new stake in Eastern Bankshares in the second quarter worth $55,000. 71.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Eastern Bankshares

In other news, 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 transaction, the director directly owned 20,475 shares in the company, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction on Monday, August 24th. The stock was sold at an average price of $22.72, for a total value of $227,200.00. Following the completion of the sale, the director directly owned 62,079 shares of the company's stock, valued at $1,410,434.88. The trade was a 13.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,197 shares of company stock worth $809,724 over the last three months. Insiders own 1.26% of the company's stock.

Eastern Bankshares Trading Down 0.5%

Shares of NASDAQ:EBC opened at $22.29 on Friday. The company has a market cap of $5.09 billion, a P/E ratio of 12.66 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. Eastern Bankshares, Inc. has a 1 year low of $16.61 and a 1 year high of $23.77. The stock's fifty day moving average price is $22.67 and its 200-day moving average price is $20.97.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The company had revenue of $316.01 million during the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Sell-side analysts expect that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on EBC shares. DA Davidson increased their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Eastern Bankshares in a research report on Friday, August 7th. TD Cowen upped their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their price target on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Stephens cut shares of Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target for the company. in a research report on Tuesday, July 28th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.86.

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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