16,840 Shares in Eastern Bankshares, Inc. (NASDAQ:EBC) Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 16,840 shares of the company's stock, valued at approximately $277,000.

A number of other large investors have also recently made changes to their positions in EBC. Norges Bank purchased a new position in Eastern Bankshares during the 4th quarter worth approximately $37,196,000. Frontier Capital Management Co. LLC increased its stake in shares of Eastern Bankshares by 112.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after acquiring an additional 1,409,471 shares during the period. First Trust Advisors LP raised its holdings in shares of Eastern Bankshares by 23.3% during the fourth quarter. First Trust Advisors LP now owns 5,080,479 shares of the company's stock worth $87,638,000 after purchasing an additional 960,591 shares during the last quarter. Azora Capital LP purchased a new position in shares of Eastern Bankshares during the fourth quarter worth $13,499,000. Finally, Millennium Management LLC lifted its position in Eastern Bankshares by 203.7% during the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company's stock valued at $15,533,000 after purchasing an additional 603,991 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Eastern Bankshares Stock Performance

Eastern Bankshares stock traded down $0.27 during midday trading on Friday, hitting $15.88. 881,629 shares of the company were exchanged, compared to its average volume of 1,222,128. The business has a fifty day simple moving average of $15.19 and a two-hundred day simple moving average of $16.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $3.39 billion, a PE ratio of -24.43 and a beta of 0.94. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.01. The business had revenue of $222.40 million for the quarter, compared to analysts' expectations of $226.98 million. Eastern Bankshares had a negative net margin of 15.56% and a positive return on equity of 6.42%. On average, sell-side analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Tuesday, June 3rd were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.27%. The ex-dividend date was Tuesday, June 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. Eastern Bankshares's dividend payout ratio (DPR) is currently -80.00%.

Insiders Place Their Bets

In other news, Director Luis Borgen sold 2,348 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total transaction of $36,628.80. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.10% of the company's stock.

Eastern Bankshares 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.