Jane Street Group LLC Buys 484,277 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Jane Street Group LLC increased its stake in Eastern Bankshares, Inc. by 789.9% in Q1, owning approximately 0.26% of the company valued at $8.9 million.
• Additionally, Eastern Bankshares declared a quarterly dividend of $0.13 per share, yielding 3.0% annually, with the payment date set for September 15th.
• The company reported earnings per share of $0.41 for the last quarter, exceeding analysts' estimates of $0.38, while revenue reached $249.1 million against expected $241.32 million.

Jane Street Group LLC increased its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 789.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 545,589 shares of the company's stock after purchasing an additional 484,277 shares during the quarter. Jane Street Group LLC owned approximately 0.26% of Eastern Bankshares worth $8,948,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of EBC. Frontier Capital Management Co. LLC grew its stake in shares of Eastern Bankshares by 112.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after purchasing an additional 1,409,471 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Eastern Bankshares by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 8,019,676 shares of the company's stock valued at $131,522,000 after acquiring an additional 1,087,206 shares during the last quarter. Millennium Management LLC boosted its position in Eastern Bankshares by 203.7% during the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company's stock valued at $15,533,000 after acquiring an additional 603,991 shares during the last quarter. Nuveen LLC bought a new stake in Eastern Bankshares during the first quarter valued at $8,768,000. Finally, Brown Advisory Inc. boosted its position in Eastern Bankshares by 12.7% during the first quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock valued at $68,558,000 after acquiring an additional 469,743 shares during the last quarter. Institutional investors own 71.68% of the company's stock.

Eastern Bankshares Trading Down 0.3%

EBC traded down $0.05 during trading on Friday, reaching $17.30. 1,379,798 shares of the stock traded hands, compared to its average volume of 1,213,975. 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 stock has a market capitalization of $3.66 billion, a PE ratio of -55.80 and a beta of 0.95. The stock's 50-day moving average is $16.05 and its 200 day moving average is $15.70. Eastern Bankshares, Inc. has a 12 month low of $13.51 and a 12 month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.41 EPS for the quarter, beating 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 negative net margin of 6.49% and a positive return on equity of 7.35%. Equities analysts anticipate 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. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 3.0%. Eastern Bankshares's dividend payout ratio is -167.74%.

Insider Buying and Selling

In other news, President Quincy Lee Miller purchased 13,706 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were acquired at an average price of $17.07 per share, with a total value of $233,961.42. Following the completion of the transaction, the president owned 13,706 shares of the company's stock, valued at $233,961.42. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.10% of the company's stock.

Eastern Bankshares 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.