Bank of America Corp DE Acquires 121,884 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Bank of America increased its Eastern Bankshares stake by 18.8% in the first quarter, acquiring 121,884 additional shares and bringing its holdings to 768,621 shares valued at approximately $15.0 million.
• Eastern Bankshares reported quarterly earnings of $0.49 per share, exceeding analysts’ $0.46 estimate, while revenue of $316.0 million also topped expectations. The company declared a quarterly dividend of $0.15 per share, representing a 2.6% annualized yield.
• Analyst sentiment remains positive, with six Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $24.86. However, insiders have sold 13,419 shares worth about $312,581 over the past 90 days.

Bank of America Corp DE grew its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 18.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 768,621 shares of the company's stock after acquiring an additional 121,884 shares during the quarter. Bank of America Corp DE owned about 0.33% of Eastern Bankshares worth $15,034,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in EBC. EverSource Wealth Advisors LLC grew its position in Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock worth $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S lifted its holdings in shares of Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock valued at $35,000 after buying an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Eastern Bankshares in the 4th quarter worth $40,000. SHP Wealth Management bought a new stake in shares of Eastern Bankshares in the fourth quarter worth $52,000. Finally, Bayforest Capital Ltd purchased a new stake in Eastern Bankshares during the fourth quarter valued at $60,000. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Trading Down 1.2%

EBC stock opened at $22.74 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. Eastern Bankshares, Inc. has a 1-year low of $15.74 and a 1-year high of $23.77. The business has a 50 day simple moving average of $22.43 and a two-hundred day simple moving average of $20.93. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of 12.92 and a beta of 0.68.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $316.01 million during the quarter, compared to analysts' expectations of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Research analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. Eastern Bankshares's dividend payout ratio is presently 34.09%.

Insider Activity at Eastern Bankshares

In related news, Director Joseph F. Casey sold 10,000 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $23.62, for a total transaction of $236,200.00. Following the sale, the director owned 92,079 shares of the company's stock, valued at $2,174,905.98. This represents a 9.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Luis Borgen sold 1,710 shares of the company'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 sale, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,419 shares of company stock valued at $312,581 in the last 90 days. 1.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on EBC. Stephens cut Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 target price on the stock. in a research report on Tuesday, July 28th. Hovde Group raised their price objective on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. TD Cowen boosted their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, July 27th. DA Davidson increased their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Finally, Seaport Research Partners reiterated a "buy" rating and set a $27.00 price target on shares of Eastern Bankshares in a research note on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $24.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source