Bank of New York Mellon Corp Invests $37.48 Million in Eastern Bankshares, Inc. $EBC

Key Points

• Bank of New York Mellon acquired 1.69 million Eastern Bankshares shares worth approximately $37.48 million, representing a 0.73% stake. Institutional investors collectively own 71.68% of EBC.
• Analysts remain broadly positive, with six Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $24.86. The company also exceeded quarterly EPS and revenue estimates.
• Eastern Bankshares declared a quarterly dividend of $0.15 per share, equal to $0.60 annually and a 2.7% yield. Meanwhile, insiders sold 35,197 shares worth about $809,724 during the latest quarter.

Bank of New York Mellon Corp bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,685,203 shares of the company's stock, valued at approximately $37,479,000. Bank of New York Mellon Corp owned 0.73% of Eastern Bankshares as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Royal Bank of Canada increased its position in Eastern Bankshares by 38.0% during the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company's stock worth $3,254,000 after buying an additional 54,664 shares during the period. AQR Capital Management LLC bought a new stake in shares of Eastern Bankshares in the first quarter valued at about $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Eastern Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock valued at $1,884,000 after acquiring an additional 5,028 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Eastern Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock valued at $7,091,000 after acquiring an additional 29,781 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock valued at $8,948,000 after acquiring an additional 484,277 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, Director Joseph F. Casey sold 10,000 shares of the business's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $22.72, for a total transaction of $227,200.00. Following the completion of the transaction, the director owned 62,079 shares of the company's stock, valued at approximately $1,410,434.88. The trade was a 13.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Luis Borgen sold 1,710 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the transaction, the director directly owned 20,475 shares of the company's stock, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 35,197 shares of company stock worth $809,724. Company insiders own 1.26% of the company's stock.

Analyst Ratings Changes

EBC has been the subject of several analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler reissued an "overweight" rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Stephens lowered shares of 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. DA Davidson raised their target price on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Finally, Seaport Research Partners reiterated a "buy" rating and issued a $27.00 price target on shares of Eastern Bankshares in a research report on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.86.

Eastern Bankshares Stock Down 0.5%

NASDAQ EBC opened at $22.29 on Friday. The business has a fifty day moving average price of $22.67 and a two-hundred day moving average price of $20.97. 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 fifty-two week low of $16.61 and a fifty-two week high of $23.77. The stock has a market capitalization of $5.09 billion, a PE ratio of 12.66 and a beta of 0.68.

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

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's payout ratio is currently 34.09%.

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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