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

Several other large investors have also recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new stake in Eastern Bankshares during the fourth quarter valued at about $498,000. Deutsche Bank AG grew its position in shares of Eastern Bankshares by 51.8% in the 4th quarter. Deutsche Bank AG now owns 165,040 shares of the company's stock worth $2,847,000 after buying an additional 56,291 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Eastern Bankshares by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109,853 shares of the company's stock worth $1,895,000 after acquiring an additional 4,232 shares in the last quarter. Millennium Management LLC lifted its position in Eastern Bankshares by 203.7% during the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company's stock valued at $15,533,000 after acquiring an additional 603,991 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Eastern Bankshares by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 54,348 shares of the company's stock worth $938,000 after purchasing an additional 17,882 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Performance

EBC opened at $17.40 on Wednesday. The firm's 50-day moving average price is $16.25 and its 200-day moving average price is $15.68. The company has a market cap of $3.68 billion, a P/E ratio of -56.13 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 company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its 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 analyst estimates of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. As a group, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, September 3rd were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares's payout ratio is presently -167.74%.

Insiders Place Their Bets

In other news, President Quincy Lee Miller bought 13,706 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were bought at an average price of $17.07 per share, with a total value of $233,961.42. Following the completion of the transaction, the president directly owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.10% of the company's stock.

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.

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