Bank of New York Mellon Corp Has $20.39 Million Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Bank of New York Mellon Corp trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,243,545 shares of the company's stock after selling 15,678 shares during the quarter. Bank of New York Mellon Corp owned 0.58% of Eastern Bankshares worth $20,394,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Eastern Bankshares by 92.1% in the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after purchasing an additional 870 shares in the last quarter. Xponance Inc. lifted its position in shares of Eastern Bankshares by 9.6% in the fourth quarter. Xponance Inc. now owns 13,778 shares of the company's stock worth $238,000 after purchasing an additional 1,203 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Eastern Bankshares in the fourth quarter worth approximately $33,000. Principal Financial Group Inc. lifted its position in shares of Eastern Bankshares by 19.9% in the first quarter. Principal Financial Group Inc. now owns 12,793 shares of the company's stock worth $210,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Eastern Bankshares by 11.8% in the fourth quarter. Cerity Partners LLC now owns 20,791 shares of the company's stock worth $358,000 after purchasing an additional 2,196 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reduced 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.

Eastern Bankshares Stock Performance

EBC stock traded up $0.16 during midday trading on Monday, hitting $16.17. 2,075,250 shares of the company traded hands, compared to its average volume of 1,209,680. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The business has a 50 day simple moving average of $15.26 and a 200-day simple moving average of $16.14. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -24.88 and a beta of 0.94.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a positive return on equity of 6.42% and a negative net margin of 15.56%. The company had revenue of $222.40 million for the quarter, compared to the consensus estimate of $226.98 million. As a group, equities research analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were paid a $0.13 dividend. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.22%. Eastern Bankshares's dividend payout ratio (DPR) is presently -80.00%.

Insider Activity

In other news, Director Luis Borgen sold 2,348 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total value of $36,628.80. Following the sale, the director owned 29,011 shares in the company, valued at approximately $452,571.60. This trade represents a 7.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

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.