Eastern Bankshares, Inc. $EBC Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Eastern Bankshares, Inc. by 15.7%, acquiring 1,087,206 additional shares during the first quarter, bringing its total holdings to approximately 8 million shares valued at $131.5 million.
• Eastern Bankshares recently reported a quarterly EPS of $0.41, exceeding the analysts' estimates of $0.38, with total revenue of $249.1 million, surpassing expectations of $241.32 million.
• The firm declared a $0.13 quarterly dividend to be paid on September 15th, with a yield of 3.3%, although it has a negative payout ratio of -167.74%.

Dimensional Fund Advisors LP lifted its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 15.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,019,676 shares of the company's stock after buying an additional 1,087,206 shares during the period. Dimensional Fund Advisors LP owned about 3.76% of Eastern Bankshares worth $131,522,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Brown Advisory Inc. raised its stake in shares of Eastern Bankshares by 12.7% during the 1st quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock worth $68,558,000 after buying an additional 469,743 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in shares of Eastern Bankshares by 112.1% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after acquiring an additional 1,409,471 shares during the period. Northern Trust Corp grew its holdings in shares of Eastern Bankshares by 24.0% in the 4th quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock worth $39,447,000 after acquiring an additional 442,352 shares during the period. Systematic Financial Management LP grew its holdings in shares of Eastern Bankshares by 3.5% in the 4th quarter. Systematic Financial Management LP now owns 1,791,465 shares of the company's stock worth $30,903,000 after acquiring an additional 60,826 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Eastern Bankshares by 203.7% in the 4th quarter. Millennium Management LLC now owns 900,442 shares of the company's stock worth $15,533,000 after acquiring an additional 603,991 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Price Performance

Shares of EBC traded up $0.45 on Wednesday, reaching $17.11. The stock had a trading volume of 1,752,419 shares, compared to its average volume of 1,265,381. The firm has a market capitalization of $3.62 billion, a PE ratio of -55.19 and a beta of 0.94. 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 50-day moving average of $15.72 and a 200 day moving average of $15.80. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40.

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

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be issued a $0.13 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.0%. Eastern Bankshares's dividend payout ratio is currently -167.74%.

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.