Northern Trust Corp Sells 74,044 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Northern Trust Corp has reduced its stake in Eastern Bankshares, Inc. by 3.2% during the first quarter, maintaining ownership of about 2.2 million shares valued at approximately $36.3 million.
• Dimensional Fund Advisors LP increased its holdings in Eastern Bankshares by 15.7%, resulting in ownership of over 8 million shares worth approximately $131.5 million.
• Eastern Bankshares announced a quarterly dividend of $0.13 per share, yielding an annualized rate of 3.0%, with a payout ratio currently at -167.74%.

Northern Trust Corp lowered its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 3.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,212,745 shares of the company's stock after selling 74,044 shares during the quarter. Northern Trust Corp owned approximately 1.04% of Eastern Bankshares worth $36,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in Eastern Bankshares by 92.1% during the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after acquiring an additional 870 shares during the period. Barrett & Company Inc. acquired a new stake in shares of Eastern Bankshares during the 1st quarter valued at $134,000. Cetera Investment Advisers acquired a new stake in shares of Eastern Bankshares during the first quarter valued at approximately $169,000. Net Worth Advisory Group acquired a new stake in Eastern Bankshares during the 1st quarter worth about $174,000. Finally, GTS Securities LLC acquired a new position in shares of Eastern Bankshares in the fourth quarter worth $206,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Stock Up 1.9%

Shares of NASDAQ EBC traded up $0.33 during mid-day trading on Thursday, reaching $17.35. 1,300,895 shares of the company traded hands, compared to its average volume of 1,212,592. The company's fifty day moving average is $16.01 and its two-hundred day moving average is $15.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40. The stock has a market cap of $3.67 billion, a PE ratio of -55.97 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $241.32 million. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. On average, analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

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 annualized dividend and a yield of 3.0%. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

Insider Activity at Eastern Bankshares

In other news, President Quincy Lee Miller bought 13,706 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the acquisition, the president 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 is available at this hyperlink. 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.