Corient Private Wealth LP Purchases Shares of 147,041 Eastern Bankshares, Inc. $EBC

Key Points

• Corient Private Wealth LP purchased 147,041 shares of Eastern Bankshares in the second quarter, valued at approximately $3.27 million. Institutional investors collectively own 71.68% of the company.
• Eastern Bankshares reported quarterly earnings of $0.49 per share, exceeding analysts’ $0.46 estimate, while revenue of $316.01 million also topped expectations.
• The company declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.86.

Corient Private Wealth LP purchased a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 147,041 shares of the company's stock, valued at approximately $3,270,000. Corient Private Wealth LP owned approximately 0.06% of Eastern Bankshares at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Eastern Bankshares during the second quarter valued at $498,672,000. Wellington Management Group LLP increased its stake 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 worth $137,066,000 after acquiring an additional 4,835,474 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Eastern Bankshares by 33.0% in 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. Vanguard Group Inc. raised 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 valued at $403,138,000 after acquiring an additional 2,440,017 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Eastern Bankshares during the 4th quarter valued at about $33,548,000. Institutional investors own 71.68% of the company's stock.

Eastern Bankshares Price Performance

EBC opened at $21.50 on Wednesday. The stock has a 50-day moving average price of $22.70 and a 200-day moving average price of $20.96. Eastern Bankshares, Inc. has a 12-month low of $16.61 and a 12-month high of $23.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $4.91 billion, a P/E ratio of 12.22 and a beta of 0.66.

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

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio (DPR) is presently 34.09%.

Analyst Ratings Changes

EBC has been the subject of several recent analyst reports. Seaport Research Partners reissued a "buy" rating and set a $27.00 price objective on shares of Eastern Bankshares in a report on Monday, July 27th. Piper Sandler reiterated an "overweight" rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. DA Davidson boosted their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Wall Street Zen raised shares of Eastern Bankshares from a "sell" rating to a "hold" rating in a report on Sunday, August 23rd. Finally, Stephens lowered shares of Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target on the stock. in a report on Tuesday, July 28th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $24.86.

Insider Activity at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the company's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $22.72, for a total transaction of $227,200.00. Following the transaction, the director directly owned 62,079 shares of the company's stock, valued at approximately $1,410,434.88. This trade represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,197 shares of company stock worth $809,724 over the last three months. Insiders own 1.26% of the company's stock.

Eastern Bankshares Profile

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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