Azora Capital LP Buys 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 stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 60.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,257,901 shares of the company's stock after purchasing an additional 475,336 shares during the period. Eastern Bankshares accounts for about 1.4% of Azora Capital LP's investment portfolio, making the stock its 23rd biggest holding. Azora Capital LP owned approximately 0.59% of Eastern Bankshares worth $20,630,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. T. Rowe Price Investment Management Inc. grew its holdings in Eastern Bankshares by 1.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 9,770,710 shares of the company's stock valued at $160,240,000 after purchasing an additional 93,157 shares during the period. Dimensional Fund Advisors LP grew its holdings in Eastern Bankshares by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 8,019,676 shares of the company's stock valued at $131,522,000 after purchasing an additional 1,087,206 shares during the period. Brown Advisory Inc. grew its holdings in Eastern Bankshares by 12.7% during the first quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock valued at $68,558,000 after purchasing an additional 469,743 shares during the period. Frontier Capital Management Co. LLC grew its holdings in Eastern Bankshares by 112.1% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock valued at $45,997,000 after purchasing an additional 1,409,471 shares during the period. Finally, Northern Trust Corp grew its holdings in Eastern Bankshares by 24.0% during the fourth quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock valued at $39,447,000 after purchasing an additional 442,352 shares during the period. Institutional investors own 71.68% of the company's stock.

Eastern Bankshares Stock Performance

NASDAQ EBC opened at $16.99 on Friday. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of -54.80 and a beta of 0.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $15.78 and a 200-day moving average price of $15.78. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40.

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

Eastern Bankshares Dividend Announcement

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

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.

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