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Hennessy Advisors Inc. Has $1.99 Million Stock Holdings in Eastern Bankshares, Inc. $EBC

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Key Points

  • Hennessy Advisors Inc. reduced its stake in Eastern Bankshares by 21.2%, owning approximately $1.99 million worth of the company after selling 35,000 shares in the second quarter.
  • GAMMA Investing LLC increased its position in Eastern Bankshares by 92.1%, while several other institutional investors also acquired new positions, increasing overall institutional ownership to 71.68%.
  • Wall Street analysts have mixed ratings on Eastern Bankshares, with a consensus rating of "Moderate Buy" and an average target price of $21.50, amidst recent quarterly earnings that exceeded expectations.
  • Five stocks to consider instead of Eastern Bankshares.

Hennessy Advisors Inc. lessened its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 21.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,000 shares of the company's stock after selling 35,000 shares during the quarter. Hennessy Advisors Inc. owned about 0.06% of Eastern Bankshares worth $1,985,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake 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 valued at $30,000 after acquiring an additional 870 shares during the period. Strs Ohio acquired a new position in shares of Eastern Bankshares during the first quarter valued at $130,000. Barrett & Company Inc. acquired a new position in shares of Eastern Bankshares during the first quarter valued at $134,000. Cetera Investment Advisers acquired a new position in shares of Eastern Bankshares during the first quarter valued at $169,000. Finally, Net Worth Advisory Group acquired a new position in Eastern Bankshares in the first quarter valued at about $174,000. Institutional investors and hedge funds own 71.68% of the company's stock.

Insider Activity

In other Eastern Bankshares news, President Quincy Lee Miller purchased 13,706 shares of the stock in a transaction on Wednesday, August 27th. The stock was 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 directly owned 13,706 shares of the company's stock, valued at $233,961.42. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EBC shares. Cowen started coverage on Eastern Bankshares in a research note on Wednesday, September 24th. They issued a "buy" rating on the stock. TD Cowen started coverage on Eastern Bankshares in a research note on Thursday, September 25th. They issued a "buy" rating and a $23.00 target price on the stock. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Eastern Bankshares in a research note on Saturday, September 27th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.50.

View Our Latest Analysis on EBC

Eastern Bankshares Stock Down 0.2%

Shares of Eastern Bankshares stock opened at $18.23 on Friday. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40. The business has a 50-day moving average of $16.80 and a two-hundred day moving average of $15.84. The company has a market capitalization of $3.86 billion, a P/E ratio of -58.80 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.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced 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 positive return on equity of 7.35% and a negative net margin of 6.49%.The company had revenue of $249.10 million during the quarter, compared to the consensus estimate of $241.32 million. As a group, equities analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is -167.74%.

Eastern Bankshares 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.

See Also

Want to see what other hedge funds are holding EBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report).

Institutional Ownership by Quarter for Eastern Bankshares (NASDAQ:EBC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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