The Manufacturers Life Insurance Company decreased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 24.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,022,835 shares of the company's stock after selling 334,957 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.48% of Eastern Bankshares worth $16,774,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in EBC. Raymond James Financial Inc. acquired a new position in shares of Eastern Bankshares during the 4th quarter valued at $311,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Eastern Bankshares by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 134,599 shares of the company's stock valued at $2,322,000 after acquiring an additional 13,716 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Eastern Bankshares by 24.0% during the 4th quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock valued at $39,447,000 after acquiring an additional 442,352 shares in the last quarter. Comerica Bank increased its stake in Eastern Bankshares by 62,365.1% during the 4th quarter. Comerica Bank now owns 26,860 shares of the company's stock worth $463,000 after buying an additional 26,817 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Eastern Bankshares during the 4th quarter worth $498,000. Institutional investors and hedge funds own 71.68% of the company's stock.
Insider Transactions at Eastern Bankshares
In other news, President Quincy Lee Miller purchased 13,706 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were purchased at an average price of $17.07 per share, with a total value of $233,961.42. Following the purchase, the president directly owned 13,706 shares of the company's stock, valued at approximately $233,961.42. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by company insiders.
Eastern Bankshares Stock Performance
Eastern Bankshares stock opened at $17.13 on Wednesday. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -55.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The firm's fifty day moving average price is $15.92 and its 200 day moving average price is $15.73.
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. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. The firm had revenue of $249.10 million for the quarter, compared to the consensus estimate of $241.32 million. On average, research analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal 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 paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $0.52 annualized dividend and a yield of 3.0%. Eastern Bankshares's payout ratio is -167.74%.
Eastern Bankshares Company Profile
(
Free Report)
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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