Eastern Bankshares, Inc. $EBC Stake Reduced by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has significantly reduced its stake in Eastern Bankshares, Inc. by 79.3%, now holding 22,387 shares valued at approximately $366,000.
• Several institutional investors, including Frontier Capital Management and Dimensional Fund Advisors, have increased their holdings in Eastern Bankshares, with Frontier Capital raising its stake by 112.1%.
• Eastern Bankshares is set to pay a quarterly dividend of $0.13 per share, with a dividend payout ratio currently at -167.74%.

Hsbc Holdings PLC cut its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 79.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,387 shares of the company's stock after selling 85,667 shares during the quarter. Hsbc Holdings PLC's holdings in Eastern Bankshares were worth $366,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Eastern Bankshares by 92.1% in the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares during the period. Barrett & Company Inc. acquired a new stake in Eastern Bankshares in the first quarter valued at $134,000. Cetera Investment Advisers acquired a new stake in Eastern Bankshares in the first quarter valued at $169,000. Net Worth Advisory Group acquired a new stake in Eastern Bankshares in the first quarter valued at $174,000. Finally, GTS Securities LLC acquired a new stake in Eastern Bankshares in the fourth quarter valued at $206,000. Institutional investors and hedge funds own 71.68% of the company's stock.

Eastern Bankshares Price Performance

Eastern Bankshares stock traded down $0.05 during midday trading on Friday, reaching $17.30. The company's stock had a trading volume of 1,379,798 shares, compared to its average volume of 1,213,975. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. The stock's 50 day simple moving average is $16.05 and its 200 day simple moving average is $15.72. The firm has a market capitalization of $3.66 billion, a PE ratio of -55.80 and a beta of 0.95.

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 (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.03. The business had revenue of $249.10 million during the quarter, compared to the consensus estimate of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. On average, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

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

Insider Buying and Selling

In related news, President Quincy Lee Miller purchased 13,706 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was purchased at an average price of $17.07 per share, for a total transaction of $233,961.42. Following the acquisition, the president directly owned 13,706 shares in the company, valued at $233,961.42. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company 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.