Deutsche Bank AG acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 227,804 shares of the company's stock, valued at approximately $5,066,000. Deutsche Bank AG owned 0.10% of Eastern Bankshares at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Eastern Bankshares by 12.6% during 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 during the period. UBS Group AG increased its stake in Eastern Bankshares by 249.9% in the fourth quarter. UBS Group AG now owns 1,810,225 shares of the company's stock valued at $33,362,000 after acquiring an additional 1,292,857 shares during the last quarter. Algebris UK Ltd. increased its stake in Eastern Bankshares by 21.8% in the fourth quarter. Algebris UK Ltd. now owns 624,471 shares of the company's stock valued at $11,514,000 after acquiring an additional 111,811 shares during the last quarter. Minerva Advisors LLC acquired a new position in Eastern Bankshares during the fourth quarter valued at approximately $1,153,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Eastern Bankshares by 25.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company's stock valued at $28,319,000 after purchasing an additional 289,458 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on EBC. Wall Street Zen raised Eastern Bankshares from a "sell" rating to a "hold" rating in a report on Sunday. Stephens downgraded Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price objective for the company. in a research report on Tuesday, July 28th. Seaport Research Partners reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Eastern Bankshares in a research note on Monday, July 27th. Hovde Group lifted their target price on Eastern Bankshares from $23.50 to $26.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.86.
Get Our Latest Stock Report on EBC
Insider Transactions at Eastern Bankshares
In related news, Director Luis Borgen sold 1,710 shares of the firm's stock in a transaction that occurred 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 transaction, the director owned 20,475 shares in the company, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $22.96, for a total transaction of $229,600.00. Following the sale, the director owned 72,079 shares in the company, valued at approximately $1,654,933.84. This represents a 12.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,419 shares of company stock worth $542,181 over the last three months. Insiders own 1.26% of the company's stock.
Eastern Bankshares Stock Down 0.4%
Shares of NASDAQ:EBC opened at $22.64 on Tuesday. The company has a fifty day moving average of $22.52 and a 200-day moving average of $20.94. The company has a market capitalization of $5.17 billion, a PE ratio of 12.86 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. Eastern Bankshares, Inc. has a 52-week low of $16.50 and a 52-week high of $23.77.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating 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 $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.
Eastern Bankshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given 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%.
Eastern Bankshares Company Profile
(
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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