Azora Capital LP Acquires 475,336 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Azora Capital LP increased its stake in Eastern Bankshares by 60.7%, acquiring an additional 475,336 shares and bringing its total holdings to over 1.2 million shares.
• Eastern Bankshares reported earnings of $0.41 per share, surpassing analysts' expectations and generating $249.10 million in revenue for the quarter.
• The company announced a quarterly dividend of $0.13 per share, with a dividend yield of 3.1%, despite a negative payout ratio of -167.74%.

Azora Capital LP raised its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 60.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,257,901 shares of the company's stock after acquiring an additional 475,336 shares during the period. Eastern Bankshares makes up about 1.4% of Azora Capital LP's holdings, making the stock its 23rd largest position. Azora Capital LP owned 0.59% of Eastern Bankshares worth $20,630,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Eastern Bankshares by 92.1% during the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after buying an additional 870 shares in the last quarter. Barrett & Company Inc. purchased a new position in Eastern Bankshares in the first quarter worth $134,000. Cetera Investment Advisers purchased a new position in Eastern Bankshares in the first quarter worth $169,000. Net Worth Advisory Group purchased a new position in Eastern Bankshares in the first quarter worth $174,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Eastern Bankshares in the first quarter worth $177,000. Institutional investors own 71.68% of the company's stock.

Eastern Bankshares Stock Performance

EBC stock traded down $0.07 during midday trading on Wednesday, hitting $16.93. The company's stock had a trading volume of 371,092 shares, compared to its average volume of 1,358,157. The stock's 50-day moving average price is $15.92 and its 200 day moving average price is $15.73. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -54.69 and a beta of 0.95.

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

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be paid a $0.13 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.1%. Eastern Bankshares's payout ratio is presently -167.74%.

Insider Activity

In other news, President Quincy Lee Miller bought 13,706 shares of the stock in a transaction on Wednesday, August 27th. The shares were purchased at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the purchase, the president directly owned 13,706 shares in the company, valued at $233,961.42. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by insiders.

About Eastern Bankshares

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.