Eastern Bankshares, Inc. $EBC Shares Sold by M3F Inc.

Key Points

• M3F Inc. reduced its stake in Eastern Bankshares by 19.5%, owning 505,971 shares after selling 122,796 shares during the first quarter, making the stock its 13th largest holding.
• Eastern Bankshares reported $0.41 earnings per share (EPS) for the quarter, exceeding the analysts' estimates, and had revenue of $249.10 million, surpassing expectations of $241.32 million.
• The company announced a quarterly dividend of $0.13 per share, with a yield of 3.0%, despite a negative dividend payout ratio of -167.74%.

M3F Inc. cut its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 19.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 505,971 shares of the company's stock after selling 122,796 shares during the quarter. Eastern Bankshares makes up approximately 2.3% of M3F Inc.'s holdings, making the stock its 13th biggest holding. M3F Inc. owned about 0.24% of Eastern Bankshares worth $8,298,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of 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. bought a new position in shares of Eastern Bankshares during the first quarter valued at approximately $134,000. Cetera Investment Advisers bought a new position in shares of Eastern Bankshares during the first quarter valued at approximately $169,000. Net Worth Advisory Group bought a new position in shares of Eastern Bankshares during the first quarter valued at approximately $174,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Eastern Bankshares during the first quarter valued at approximately $177,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Eastern Bankshares news, President Quincy Lee Miller acquired 13,706 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were purchased at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the purchase, the president owned 13,706 shares in the company, valued at approximately $233,961.42. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company's stock.

Eastern Bankshares Stock Down 1.5%

Shares of NASDAQ EBC traded down $0.26 during midday trading on Tuesday, reaching $16.85. 459,767 shares of the company's stock traded hands, compared to its average volume of 1,357,547. 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's 50 day simple moving average is $15.88 and its 200-day simple moving average is $15.72. Eastern Bankshares, Inc. has a one year low of $13.51 and a one year high of $19.40. The company has a market cap of $3.56 billion, a price-to-earnings ratio of -54.34 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm 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 dividend of $0.13 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.1%. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

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.