Bank of America Corp DE decreased its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 36.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 266,902 shares of the company's stock after selling 153,425 shares during the period. Bank of America Corp DE owned approximately 0.12% of Eastern Bankshares worth $4,604,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new stake in Eastern Bankshares during the 4th quarter valued at $33,000. Sterling Capital Management LLC boosted its position in Eastern Bankshares by 836.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock valued at $107,000 after buying an additional 5,555 shares during the period. KBC Group NV boosted its position in Eastern Bankshares by 69.5% during the 4th quarter. KBC Group NV now owns 9,246 shares of the company's stock valued at $159,000 after buying an additional 3,791 shares during the period. Whittier Trust Co. purchased a new stake in Eastern Bankshares during the 4th quarter valued at $172,000. Finally, RFG Bristol Wealth Advisors LLC purchased a new stake in Eastern Bankshares during the 4th quarter valued at $178,000. Hedge funds and other institutional investors own 71.68% of the company's stock.
Eastern Bankshares Trading Down 1.7%
NASDAQ EBC traded down $0.25 during trading on Monday, hitting $14.75. The company had a trading volume of 1,372,378 shares, compared to its average volume of 1,143,757. Eastern Bankshares, Inc. has a one year low of $12.66 and a one year high of $19.40. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 22.01 and a beta of 0.97. The company's fifty day moving average is $15.15 and its 200-day moving average is $16.78.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. The business had revenue of $222.40 million during the quarter, compared to analyst estimates of $226.98 million. As a group, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.
Eastern Bankshares Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, June 3rd will be issued a $0.13 dividend. The ex-dividend date is Tuesday, June 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 3.53%. Eastern Bankshares's dividend payout ratio is -80.00%.
Wall Street Analysts Forecast Growth
Separately, Keefe, Bruyette & Woods dropped their price target on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Monday, April 28th.
Get Our Latest Stock Report on Eastern Bankshares
Insiders Place Their Bets
In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the purchase, the chief financial officer now directly owns 20,000 shares in the company, valued at $308,000. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Luis Borgen sold 2,348 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80. Following the completion of the transaction, the director now owns 29,011 shares of the company's stock, valued at approximately $452,571.60. The trade was a 7.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.
Eastern Bankshares Company Profile
(
Free Report)
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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