Jupiter Topco LLC bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 94,598 shares of the company's stock, valued at approximately $2,106,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in shares of Eastern Bankshares during the 2nd quarter valued at approximately $5,066,000. Vanguard Group Inc. grew its position in Eastern Bankshares by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after acquiring an additional 2,440,017 shares during the period. UBS Group AG grew its position in Eastern Bankshares by 249.9% in the fourth quarter. UBS Group AG now owns 1,810,225 shares of the company's stock worth $33,362,000 after acquiring an additional 1,292,857 shares during the period. Algebris UK Ltd. increased its stake in Eastern Bankshares by 21.8% during the fourth quarter. Algebris UK Ltd. now owns 624,471 shares of the company's stock worth $11,514,000 after acquiring an additional 111,811 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund acquired a new stake in Eastern Bankshares during the second quarter worth $1,074,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Eastern Bankshares Stock Up 0.3%
Shares of NASDAQ EBC opened at $22.08 on Friday. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of 12.55 and a beta of 0.66. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77. The business's 50 day moving average is $22.72 and its two-hundred day moving average is $20.97.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The company had revenue of $316.01 million for the quarter, compared to analysts' expectations of $308.20 million. Research analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.
Eastern Bankshares Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's payout ratio is currently 34.09%.
Wall Street Analysts Forecast Growth
EBC has been the topic of a number of research analyst reports. Hovde Group lifted their target price on Eastern Bankshares from $23.50 to $26.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Wall Street Zen raised Eastern Bankshares from a "sell" rating to a "hold" rating in a research report on Sunday, August 23rd. Piper Sandler restated an "overweight" rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Seaport Research Partners reaffirmed a "buy" rating and issued a $27.00 target price on shares of Eastern Bankshares in a research report on Monday, July 27th. Finally, TD Cowen increased their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $24.86.
Read Our Latest Report on Eastern Bankshares
Insider Buying and Selling
In related news, Director Luis Borgen sold 1,710 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Donald Westermann sold 23,005 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $21.43, for a total value of $492,997.15. Following the transaction, the insider owned 22,565 shares of the company's stock, valued at $483,567.95. This trade represents a 50.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 68,609 shares of company stock valued at $1,529,281. Corporate insiders own 1.26% of the company's stock.
Eastern Bankshares Company Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding EBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Eastern Bankshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eastern Bankshares wasn't on the list.
While Eastern Bankshares currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
