Empowered Funds LLC raised its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 130.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,735 shares of the company's stock after purchasing an additional 65,537 shares during the period. Empowered Funds LLC owned about 0.05% of Eastern Bankshares worth $2,264,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of EBC. Vanguard Group Inc. raised its position in shares of Eastern Bankshares by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock valued at $403,138,000 after buying an additional 2,440,017 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Eastern Bankshares by 33.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company's stock worth $253,018,000 after acquiring an additional 3,407,066 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Eastern Bankshares by 10.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,552,160 shares of the company's stock worth $176,048,000 after acquiring an additional 939,740 shares during the last quarter. State Street Corp grew its stake in Eastern Bankshares by 18.5% in the 4th quarter. State Street Corp now owns 8,919,404 shares of the company's stock worth $164,385,000 after acquiring an additional 1,389,304 shares during the period. Finally, Wellington Management Group LLP grew its stake in Eastern Bankshares by 185.9% in the 4th quarter. Wellington Management Group LLP now owns 7,437,108 shares of the company's stock worth $137,066,000 after acquiring an additional 4,835,474 shares during the period. 71.68% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on EBC shares. Hovde Group increased their price target on Eastern Bankshares from $23.50 to $26.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Barclays decreased their price objective on Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating on the stock in a report on Monday, April 27th. Stephens lowered Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 target price for the company. in a research note on Tuesday, July 28th. Seaport Research Partners reiterated a "buy" rating and issued a $27.00 target price on shares of Eastern Bankshares in a research note on Monday, July 27th. Finally, Piper Sandler reiterated an "overweight" rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.86.
Check Out Our Latest Report on Eastern Bankshares
Insider Buying and Selling at Eastern Bankshares
In related news, Director Luis Borgen sold 1,710 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director directly owned 20,475 shares of the company's stock, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.26% of the company's stock.
Eastern Bankshares Stock Performance
Shares of EBC stock opened at $23.19 on Thursday. Eastern Bankshares, Inc. has a one year low of $14.95 and a one year high of $23.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day moving average price of $21.73 and a 200 day moving average price of $20.68. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 13.18 and a beta of 0.68.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The company had revenue of $316.00 million for the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.
Eastern Bankshares Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.
About Eastern Bankshares
(
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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