BlackRock Inc. 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 13F filing with the SEC. The firm bought 22,422,283 shares of the company's stock, valued at approximately $498,672,000. BlackRock Inc. owned 9.70% of Eastern Bankshares at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Eastern Bankshares by 12.6% in the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after acquiring an additional 2,440,017 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Eastern Bankshares by 33.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company's stock valued at $253,018,000 after purchasing an additional 3,407,066 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Eastern Bankshares by 10.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,552,160 shares of the company's stock valued at $176,048,000 after purchasing an additional 939,740 shares in the last quarter. State Street Corp raised its position in Eastern Bankshares by 18.5% in the 4th quarter. State Street Corp now owns 8,919,404 shares of the company's stock valued at $164,385,000 after purchasing an additional 1,389,304 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Eastern Bankshares by 185.9% in the 4th quarter. Wellington Management Group LLP now owns 7,437,108 shares of the company's stock valued at $137,066,000 after purchasing an additional 4,835,474 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.
Eastern Bankshares Stock Performance
EBC stock opened at $22.64 on Tuesday. The company has a 50 day moving average price of $22.52 and a 200 day moving average price of $20.94. Eastern Bankshares, Inc. has a fifty-two week low of $16.50 and a fifty-two week high of $23.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $5.17 billion, a PE ratio of 12.86 and a beta of 0.68.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The firm had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Analysts forecast that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.
Eastern Bankshares Announces Dividend
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 issued a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.7%. Eastern Bankshares's dividend payout ratio (DPR) is currently 34.09%.
Analyst Ratings Changes
Several analysts have recently commented on the company. DA Davidson increased their target price on Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Piper Sandler reaffirmed an "overweight" rating and issued a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Hovde Group upped their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Eastern Bankshares in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of Eastern Bankshares from a "sell" rating to a "hold" rating in a report on Sunday. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.86.
Get Our Latest Stock Report on Eastern Bankshares
Insider Activity
In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the business's 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 sale, the director directly owned 20,475 shares of the company's stock, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph F. Casey sold 10,000 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $22.96, for a total transaction of $229,600.00. Following the transaction, the director owned 72,079 shares in the company, valued at approximately $1,654,933.84. The trade was a 12.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 23,419 shares of company stock worth $542,181. 1.26% of the stock is owned by company insiders.
Eastern Bankshares Profile
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Free Report)
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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