Eastern Bank Increases Stock Holdings in Eastern Bankshares, Inc. $EBC

Key Points

• Eastern Bank increased its stake in Eastern Bankshares, Inc. by 11.9% during the second quarter, raising their total holdings to 1,458,016 shares, valued at approximately $22 million.
• Eastern Bankshares reported a quarterly earnings per share (EPS) of $0.32, with a revenue of $162.26 million for the latest fiscal period, despite a negative net margin of 6.49%.
• The stock received a "buy" rating from Cowen with a price target of $23.00, while Weiss Ratings maintained a "sell" rating, reflecting a division in analyst sentiment around the company's prospects.

Eastern Bank grew its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,458,016 shares of the company's stock after buying an additional 155,363 shares during the quarter. Eastern Bank owned 0.68% of Eastern Bankshares worth $22,264,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. M&T Bank Corp increased its position in Eastern Bankshares by 2.5% during the 1st quarter. M&T Bank Corp now owns 31,797 shares of the company's stock worth $521,000 after purchasing an additional 768 shares in the last quarter. Xponance Inc. grew its holdings in Eastern Bankshares by 6.0% in the 1st quarter. Xponance Inc. now owns 14,599 shares of the company's stock valued at $239,000 after buying an additional 821 shares during the period. GAMMA Investing LLC lifted its stake in shares of Eastern Bankshares by 92.1% in the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after purchasing an additional 870 shares in the last quarter. Rockland Trust Co. lifted its stake in shares of Eastern Bankshares by 8.0% in the 2nd quarter. Rockland Trust Co. now owns 26,868 shares of the company's stock valued at $410,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Eastern Bankshares by 19.9% in the 1st quarter. Principal Financial Group Inc. now owns 12,793 shares of the company's stock valued at $210,000 after purchasing an additional 2,123 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Trading Down 4.1%

Shares of Eastern Bankshares stock opened at $17.82 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of -57.48 and a beta of 0.95. The business has a fifty day simple moving average of $17.09 and a 200-day simple moving average of $15.91. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The business had revenue of $162.26 million during the quarter. On average, equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, September 3rd were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 3rd. Eastern Bankshares's payout ratio is presently -167.74%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on EBC shares. Cowen assumed coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They set a "buy" rating on the stock. Weiss Ratings reiterated a "sell (d+)" rating on shares of Eastern Bankshares in a report on Wednesday. Finally, TD Cowen started coverage on Eastern Bankshares in a research note on Thursday, September 25th. They set a "buy" rating and a $23.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.50.

Insiders Place Their Bets

In other news, President Quincy Lee Miller bought 13,706 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, with a total value of $233,961.42. Following the transaction, the president directly owned 13,706 shares in the company, valued at approximately $233,961.42. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.10% of the company's stock.

Eastern Bankshares Company 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.

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