Intech Investment Management LLC Acquires 29,058 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Intech Investment Management LLC increased its stake in Eastern Bankshares, Inc. by 36.2%, now owning 109,369 shares worth approximately $1.79 million.
• Eastern Bankshares recently reported a quarterly EPS of $0.41, surpassing analysts' expectations of $0.38 with revenues of $249.10 million.
• The company declared a quarterly dividend of $0.13 per share, resulting in an annualized dividend yield of 3.0%.

Intech Investment Management LLC increased its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 36.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 109,369 shares of the company's stock after purchasing an additional 29,058 shares during the period. Intech Investment Management LLC owned approximately 0.05% of Eastern Bankshares worth $1,794,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC grew its holdings in shares of Eastern Bankshares by 789.9% during the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after purchasing an additional 484,277 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Eastern Bankshares by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock worth $7,091,000 after buying an additional 29,781 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Eastern Bankshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock worth $1,884,000 after buying an additional 5,028 shares in the last quarter. AQR Capital Management LLC bought a new position in Eastern Bankshares in the 1st quarter valued at $954,000. Finally, Royal Bank of Canada grew its stake in Eastern Bankshares by 38.0% in the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company's stock valued at $3,254,000 after purchasing an additional 54,664 shares during the period. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded down $0.11 during trading on Friday, reaching $18.04. 7,187,166 shares of the stock traded hands, compared to its average volume of 1,509,127. Eastern Bankshares, Inc. has a 52-week low of $13.51 and a 52-week high of $19.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50-day moving average of $16.37 and a 200-day moving average of $15.70. The stock has a market capitalization of $3.82 billion, a P/E ratio of -58.19 and a beta of 0.95.

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 firm had revenue of $249.10 million for the quarter, compared to analysts' expectations of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. Analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

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

Insider Transactions at Eastern Bankshares

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

Eastern Bankshares Company 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.