CW Advisors LLC Lowers Stake in Eastern Bankshares, Inc. $EBC

Key Points

• CW Advisors LLC significantly reduced its stake in Eastern Bankshares, Inc. by 72.8%, owning 53,421 shares after selling 143,079 in the first quarter.
• Despite the stake reduction from CW Advisors, other institutional investors like T. Rowe Price and Dimensional Fund Advisors increased their holdings, indicating mixed investor sentiment.
• Eastern Bankshares recently announced a dividend of $0.13 per share, with a yield of 3.1%, highlighting its intent to maintain shareholder returns amidst fluctuating stock performance.

CW Advisors LLC trimmed its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 72.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 53,421 shares of the company's stock after selling 143,079 shares during the quarter. CW Advisors LLC's holdings in Eastern Bankshares were worth $876,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares during the period. Barrett & Company Inc. bought a new position in Eastern Bankshares during the 1st quarter valued at about $134,000. Cetera Investment Advisers bought a new position in Eastern Bankshares during the 1st quarter valued at about $169,000. Net Worth Advisory Group bought a new position in shares of Eastern Bankshares in the 1st quarter worth approximately $174,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Eastern Bankshares in the 1st quarter worth approximately $177,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ:EBC traded up $0.12 during trading on Friday, hitting $17.11. The company's stock had a trading volume of 2,483,778 shares, compared to its average volume of 1,232,868. The company has a 50-day moving average of $15.83 and a 200-day moving average of $15.77. Eastern Bankshares, Inc. has a 12 month low of $13.51 and a 12 month high of $19.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of -55.19 and a beta of 0.94.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. The firm had revenue of $249.10 million for the quarter, compared to analysts' expectations of $241.32 million. On average, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is -167.74%.

Insider Transactions at Eastern Bankshares

In related news, President Quincy Lee Miller acquired 13,706 shares of the business's stock in a transaction on Wednesday, August 27th. The stock was acquired at an average cost of $17.07 per share, with a total value of $233,961.42. Following the acquisition, the president directly owned 13,706 shares in the company, valued at $233,961.42. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by company insiders.

About Eastern Bankshares

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.