Deutsche Bank AG Raises Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Deutsche Bank AG boosted its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 51.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,040 shares of the company's stock after buying an additional 56,291 shares during the quarter. 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 hedge funds and other institutional investors have also bought and sold shares of the company. Brevan Howard Capital Management LP purchased a new stake in Eastern Bankshares in the fourth quarter worth approximately $232,000. Azora Capital LP purchased a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $13,499,000. Brown Advisory Inc. boosted its stake in shares of Eastern Bankshares by 6.2% during the fourth quarter. Brown Advisory Inc. now owns 3,710,634 shares of the company's stock valued at $64,008,000 after purchasing an additional 217,701 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $498,000. Finally, Gallagher Fiduciary Advisors LLC boosted its stake in shares of Eastern Bankshares by 19.3% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 25,638 shares of the company's stock valued at $442,000 after purchasing an additional 4,147 shares during the period. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $14.91 on Thursday. The firm has a market cap of $3.18 billion, a PE ratio of 22.25 and a beta of 0.97. Eastern Bankshares, Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $19.40. The business has a 50 day moving average price of $15.42 and a 200-day moving average price of $16.98.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.01. The company 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%. Research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, June 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Tuesday, June 3rd. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. Eastern Bankshares's dividend payout ratio is currently -80.00%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods dropped their price objective on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Monday, April 28th.

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 2,348 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80. Following the completion of the transaction, the director now owns 29,011 shares in the company, valued at $452,571.60. This represents a 7.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO R David Rosato acquired 10,000 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $15.40 per share, with a total value of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares of the company's stock, valued at $308,000. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. 1.10% of the stock is owned by corporate 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.

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