California State Teachers Retirement System raised its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 30.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,739 shares of the company's stock after acquiring an additional 62,679 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Eastern Bankshares worth $5,237,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Eastern Bankshares by 12.6% in the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock valued at $403,138,000 after buying an additional 2,440,017 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in shares of 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 acquiring an additional 3,407,066 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Eastern Bankshares by 10.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,552,160 shares of the company's stock worth $176,048,000 after acquiring an additional 939,740 shares in the last quarter. State Street Corp boosted its position in Eastern Bankshares by 18.5% during the fourth 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 boosted its position in Eastern Bankshares by 185.9% during the fourth 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. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
EBC has been the subject of several recent research reports. DA Davidson boosted their price target on Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods boosted their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Piper Sandler restated an "overweight" rating and set a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. TD Cowen lifted their price objective on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Finally, Hovde Group increased their target price 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. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.86.
Read Our Latest Stock Analysis on Eastern Bankshares
Eastern Bankshares Price Performance
Shares of NASDAQ:EBC opened at $23.01 on Friday. The business has a 50 day moving average price of $21.79 and a 200 day moving average price of $20.70. Eastern Bankshares, Inc. has a twelve month low of $14.95 and a twelve month high of $23.75. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 13.07 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping 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 $316.00 million for the quarter, compared to the consensus estimate of $308.20 million. Research analysts predict that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.
Eastern Bankshares Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.
Insiders Place Their Bets
In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares of the company's stock, valued at $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is currently owned by company insiders.
Eastern Bankshares Company 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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