Arrowstreet Capital Limited Partnership Buys 289,458 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Arrowstreet Capital increased its Eastern Bankshares position by 25%, purchasing 289,458 additional shares to hold 1.45 million shares, or 0.63% of the company. Institutional investors collectively own 71.68% of EBC.
• Eastern Bankshares reported quarterly EPS of $0.49, beating estimates of $0.46, while revenue of $316 million also exceeded expectations. The company declared a quarterly dividend of $0.15 per share, representing a 2.6% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $24.86; EBC recently traded at $23.04, near its 12-month high of $23.75.

Arrowstreet Capital Limited Partnership boosted its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 25.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,447,779 shares of the company's stock after acquiring an additional 289,458 shares during the period. Arrowstreet Capital Limited Partnership owned 0.63% of Eastern Bankshares worth $28,319,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position 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 valued at $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S boosted its holdings in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock worth $35,000 after buying an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Eastern Bankshares in the 4th quarter worth $40,000. Allworth Financial LP boosted its holdings in Eastern Bankshares by 36.4% in the 3rd 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 period. Finally, Flagship Harbor Advisors LLC purchased a new stake in Eastern Bankshares in the 4th quarter worth $52,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Performance

Eastern Bankshares stock opened at $23.04 on Thursday. The company's 50-day moving average price is $21.41 and its 200-day moving average price is $20.54. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16. The company has a market cap of $5.33 billion, a PE ratio of 13.09 and a beta of 0.67. Eastern Bankshares, Inc. has a twelve month low of $14.88 and a twelve month high of $23.75.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The firm had revenue of $316.00 million during the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. On average, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors 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 yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Stephens downgraded Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target for the company. in a research note on Tuesday. Seaport Research Partners reaffirmed a "buy" rating and set a $27.00 target price on shares of Eastern Bankshares in a research note on Monday. Barclays reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating on the stock in a report on Monday, April 27th. DA Davidson raised their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Monday. Finally, TD Cowen lifted their target price on Eastern Bankshares from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Monday. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Eastern Bankshares presently has a consensus rating of "Moderate Buy" and an average target price of $24.86.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the business's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director owned 20,475 shares in the company, valued at $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.26% of the stock is owned by company insiders.

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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