GAMMA Investing LLC Increases Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

GAMMA Investing LLC raised its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 3,049.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,766 shares of the company's stock after purchasing an additional 28,821 shares during the quarter. GAMMA Investing LLC's holdings in Eastern Bankshares were worth $488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. GTS Securities LLC acquired a new position in Eastern Bankshares in the 4th quarter valued at about $206,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Eastern Bankshares by 27.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 402,624 shares of the company's stock valued at $6,945,000 after purchasing an additional 86,041 shares during the last quarter. Systematic Financial Management LP boosted its holdings in Eastern Bankshares by 3.5% in the 4th quarter. Systematic Financial Management LP now owns 1,791,465 shares of the company's stock valued at $30,903,000 after purchasing an additional 60,826 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Eastern Bankshares by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 54,348 shares of the company's stock valued at $938,000 after purchasing an additional 17,882 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Eastern Bankshares by 203.7% in the 4th quarter. Millennium Management LLC now owns 900,442 shares of the company's stock valued at $15,533,000 after purchasing an additional 603,991 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Luis Borgen sold 2,348 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total transaction of $36,628.80. Following the sale, the director now directly owns 29,011 shares of the company's stock, valued at $452,571.60. This represents a 7.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Monday, April 28th.

Eastern Bankshares Trading Up 2.4%

Shares of Eastern Bankshares stock traded up $0.34 on Monday, reaching $14.66. The company had a trading volume of 1,801,708 shares, compared to its average volume of 1,197,170. The firm's 50 day moving average price is $15.00 and its two-hundred day moving average price is $16.38. The firm has a market cap of $3.13 billion, a PE ratio of -22.55 and a beta of 0.95. Eastern Bankshares, Inc. has a 52-week low of $12.97 and a 52-week high of $19.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.01. The business had revenue of $222.40 million for the quarter, compared to the consensus estimate of $226.98 million. Eastern Bankshares had a negative net margin of 15.56% and a positive return on equity of 6.42%. Sell-side analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.55%. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, June 3rd. Eastern Bankshares's payout ratio is -80.00%.

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.