Eastern Bankshares, Inc. $EBC Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. reduced its stake in Eastern Bankshares, Inc. by 54.8% during the first quarter, selling 180,672 shares.
• Eastern Bankshares recently announced a quarterly dividend of $0.13 per share, translating to a 3.0% dividend yield, with an ex-dividend date of September 3rd.
• Despite the reduction by American Century, several other institutional investors, including Dimensional Fund Advisors and Brown Advisory, have increased their positions in Eastern Bankshares during the same period.

American Century Companies Inc. lessened its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 54.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,096 shares of the company's stock after selling 180,672 shares during the quarter. American Century Companies Inc. owned 0.07% of Eastern Bankshares worth $2,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of EBC. Allspring Global Investments Holdings LLC purchased a new stake in shares of Eastern Bankshares during the 1st quarter valued at about $277,000. GAMMA Investing LLC raised its holdings in Eastern Bankshares by 3,049.8% during the 1st quarter. GAMMA Investing LLC now owns 29,766 shares of the company's stock valued at $488,000 after buying an additional 28,821 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Eastern Bankshares during the 1st quarter valued at $3,717,000. Deutsche Bank AG increased its stake in Eastern Bankshares by 51.8% in the fourth quarter. Deutsche Bank AG now owns 165,040 shares of the company's stock worth $2,847,000 after purchasing an additional 56,291 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Eastern Bankshares by 27.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 402,624 shares of the company's stock worth $6,945,000 after buying an additional 86,041 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Stock Up 1.0%

EBC stock traded up $0.16 during trading on Thursday, reaching $17.18. 561,731 shares of the company traded hands, compared to its average volume of 1,357,359. Eastern Bankshares, Inc. has a 12 month low of $13.51 and a 12 month high of $19.40. The business has a 50 day simple moving average of $15.97 and a 200 day simple moving average of $15.74. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -55.37 and a beta of 0.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.03. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The company had revenue of $249.10 million for the quarter, compared to the consensus estimate of $241.32 million. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller purchased 13,706 shares of the stock in a transaction on Wednesday, August 27th. The stock was acquired at an average price of $17.07 per share, with a total value of $233,961.42. Following the completion of the acquisition, the president owned 13,706 shares in the company, valued at $233,961.42. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company's stock.

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.