Algebris UK Ltd. Boosts Holdings in Eastern Bankshares, Inc. $EBC

Key Points

• Algebris UK Ltd. boosted its Eastern Bankshares stake by 21.8% in the fourth quarter, adding 111,811 shares to hold 624,471 shares worth about $11.5 million.
• Insider activity was positive, with CFO R. David Rosato buying 5,000 shares at $19.17 each, increasing his direct ownership by 12.5%.
• Eastern Bankshares increased its quarterly dividend to $0.15 per share from $0.13, while analysts currently have a Moderate Buy consensus and an average price target of $22.92.

Algebris UK Ltd. lifted its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 21.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 624,471 shares of the company's stock after purchasing an additional 111,811 shares during the period. Algebris UK Ltd. owned 0.30% of Eastern Bankshares worth $11,514,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Danske Bank A S lifted its position in Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock valued at $35,000 after acquiring an additional 1,600 shares during the period. Allworth Financial LP raised its holdings in Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company's stock worth $40,000 after buying an additional 584 shares during the last quarter. Federated Hermes Inc. purchased a new position in Eastern Bankshares in the third quarter worth about $49,000. Flagship Harbor Advisors LLC purchased a new position in Eastern Bankshares in the fourth quarter worth about $52,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Eastern Bankshares in the third quarter worth about $57,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastern Bankshares

In other news, CFO R David Rosato purchased 5,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $19.17 per share, for a total transaction of $95,850.00. Following the completion of the transaction, the chief financial officer directly owned 45,000 shares in the company, valued at $862,650. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Stephens assumed coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They issued an "overweight" rating and a $24.00 target price for the company. Barclays decreased their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Monday, April 27th. Piper Sandler began coverage on shares of Eastern Bankshares in a report on Monday, March 16th. They issued an "overweight" rating and a $23.00 target price for the company. TD Cowen reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Eastern Bankshares from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Eastern Bankshares has an average rating of "Moderate Buy" and a consensus price target of $22.92.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $19.84 on Thursday. The firm has a 50 day moving average of $19.77 and a 200 day moving average of $19.52. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 11.15 and a beta of 0.70. Eastern Bankshares, Inc. has a 12-month low of $14.10 and a 12-month high of $22.58.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. The business had revenue of $295.90 million for the quarter, compared to the consensus estimate of $308.68 million. On average, research analysts anticipate that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be given a $0.15 dividend. The ex-dividend date is Friday, June 5th. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. Eastern Bankshares's dividend payout ratio (DPR) is currently 33.71%.

Eastern Bankshares Profile

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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