Eastern Bankshares, Inc. $EBC Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC lowered its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 62.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,116 shares of the company's stock after selling 37,090 shares during the period. HighTower Advisors LLC's holdings in Eastern Bankshares were worth $363,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in EBC. Brown Advisory Inc. boosted its holdings in shares of Eastern Bankshares by 12.7% during the 1st quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock valued at $68,558,000 after buying an additional 469,743 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of Eastern Bankshares by 112.1% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock valued at $45,997,000 after acquiring an additional 1,409,471 shares during the period. Northern Trust Corp grew its stake 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 during the period. Systematic Financial Management LP boosted its stake 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 worth $30,903,000 after purchasing an additional 60,826 shares during the period. Finally, Millennium Management LLC boosted its stake in Eastern Bankshares by 203.7% in the 4th quarter. Millennium Management LLC now owns 900,442 shares of the company's stock worth $15,533,000 after purchasing an additional 603,991 shares during the period. Institutional investors own 71.68% of the company's stock.

Insider Activity

In other news, President Quincy Lee Miller acquired 13,706 shares of Eastern Bankshares stock in a transaction dated Wednesday, August 27th. The stock was 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 directly owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by insiders.

Eastern Bankshares Price Performance

Shares of EBC traded down $0.11 during mid-day trading on Wednesday, hitting $17.02. 1,045,350 shares of the stock were exchanged, compared to its average volume of 1,229,096. The company has a market cap of $3.60 billion, a PE ratio of -54.90 and a beta of 0.95. Eastern Bankshares, Inc. has a 52-week low of $13.51 and a 52-week high of $19.40. The firm has a 50-day moving average of $15.97 and a two-hundred day moving average of $15.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $249.10 million for the quarter, compared to analyst estimates of $241.32 million. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

About Eastern Bankshares

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.