Deutsche Bank AG Boosts Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Deutsche Bank AG lifted its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 51.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 165,040 shares of the company's stock after buying an additional 56,291 shares during the period. Deutsche Bank AG owned approximately 0.08% of Eastern Bankshares worth $2,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. 1620 Investment Advisors Inc. purchased a new stake in shares of Eastern Bankshares in the 4th quarter worth $33,000. Sterling Capital Management LLC grew its holdings in Eastern Bankshares by 836.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock valued at $107,000 after purchasing an additional 5,555 shares during the period. KBC Group NV increased its position in Eastern Bankshares by 69.5% in the fourth quarter. KBC Group NV now owns 9,246 shares of the company's stock worth $159,000 after buying an additional 3,791 shares in the last quarter. Whittier Trust Co. bought a new position in shares of Eastern Bankshares in the fourth quarter worth about $172,000. Finally, RFG Bristol Wealth Advisors LLC purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at about $178,000. Institutional investors own 71.68% of the company's stock.

Analyst Upgrades and Downgrades

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

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded up $0.29 during midday trading on Tuesday, reaching $15.07. The stock had a trading volume of 917,602 shares, compared to its average volume of 1,131,736. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 22.49 and a beta of 0.97. Eastern Bankshares, Inc. has a 12-month low of $12.66 and a 12-month high of $19.40. The stock has a 50-day moving average of $15.29 and a 200-day moving average of $16.89.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $222.40 million during the quarter, compared to the consensus estimate of $226.98 million. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. As a group, analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd will be given a dividend of $0.13 per share. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.45%. Eastern Bankshares's dividend payout ratio (DPR) is presently -80.00%.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato acquired 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $15.40 per share, with a total value of $154,000.00. Following the purchase, the chief financial officer now directly owns 20,000 shares of the company's stock, valued at approximately $308,000. This represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Luis Borgen sold 2,348 shares of Eastern Bankshares stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total value of $36,628.80. Following the completion of the transaction, the director now owns 29,011 shares of the company's stock, valued at approximately $452,571.60. This represents a 7.49% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

Eastern Bankshares 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.