Bryce Point Capital LLC Acquires New Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Key Points

• Bryce Point Capital LLC invested approximately $739,000 in Eastern Bankshares, acquiring 44,144 shares, as disclosed in its recent SEC filing.
• Following the investment, Eastern Bankshares' stock experienced a 1.2% increase and opened at $15.96.
• In addition, the company announced a quarterly dividend of $0.13 per share, with an ex-dividend date set for September 3rd, yielding about 3.26%.

Bryce Point Capital LLC purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 44,144 shares of the company's stock, valued at approximately $739,000.

A number of other institutional investors also recently bought and sold shares of EBC. GAMMA Investing LLC increased its position in shares of Eastern Bankshares by 92.1% during 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. Sterling Capital Management LLC boosted its holdings in shares of Eastern Bankshares by 836.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock valued at $107,000 after acquiring an additional 5,555 shares during the period. Barrett & Company Inc. acquired a new stake in shares of Eastern Bankshares in the first quarter valued at approximately $134,000. Cetera Investment Advisers acquired a new stake in shares of Eastern Bankshares in the first quarter valued at approximately $169,000. Finally, Net Worth Advisory Group acquired a new stake in shares of Eastern Bankshares in the first quarter valued at approximately $174,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods decreased their price objective on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Monday, April 28th.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 2,348 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80. Following the transaction, the director owned 29,011 shares of the company's stock, valued at $452,571.60. This represents a 7.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

Eastern Bankshares Price Performance

Shares of EBC traded down $0.31 on Thursday, reaching $15.38. The stock had a trading volume of 557,976 shares, compared to its average volume of 1,363,648. The firm has a market capitalization of $3.28 billion, a PE ratio of -49.56 and a beta of 0.94. 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 firm has a 50-day moving average of $15.33 and a 200 day moving average of $16.10. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.03. The business had revenue of $249.10 million for the quarter, compared to analysts' expectations of $241.32 million. Eastern Bankshares had a positive return on equity of 7.38% and a negative net margin of 6.49%. Sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is presently -167.74%.

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.