Eastern Bankshares, Inc. $EBC Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Eastern Bankshares, Inc. by 5.7%, selling 29,310 shares to hold a total of 484,783 shares worth approximately $7.95 million.
• The company announced a quarterly dividend of $0.13 per share, yielding 3.1%, with the payout scheduled for September 15th to investors of record on September 3rd.
• Eastern Bankshares reported an earnings per share of $0.41 for the last quarter, exceeding analysts' estimates, alongside a negative net margin of 6.49%.

Invesco Ltd. lessened its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 5.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 484,783 shares of the company's stock after selling 29,310 shares during the quarter. Invesco Ltd. owned 0.23% of Eastern Bankshares worth $7,950,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. M&T Bank Corp boosted its stake in shares of Eastern Bankshares by 2.5% in the 1st quarter. M&T Bank Corp now owns 31,797 shares of the company's stock valued at $521,000 after buying an additional 768 shares during the period. Xponance Inc. raised its position in shares of Eastern Bankshares by 6.0% during the 1st quarter. Xponance Inc. now owns 14,599 shares of the company's stock worth $239,000 after acquiring an additional 821 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after acquiring an additional 870 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Eastern Bankshares by 19.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,793 shares of the company's stock worth $210,000 after acquiring an additional 2,123 shares in the last quarter. Finally, Single Point Partners LLC raised its position in shares of Eastern Bankshares by 19.6% during the 1st quarter. Single Point Partners LLC now owns 13,810 shares of the company's stock worth $226,000 after acquiring an additional 2,265 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller purchased 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 approximately $233,961.42. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company's stock.

Eastern Bankshares Stock Up 0.7%

Shares of NASDAQ EBC traded up $0.12 during midday trading on Friday, hitting $17.11. 2,483,778 shares of the company's stock were exchanged, compared to its average volume of 1,271,473. 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, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40. The company has a market cap of $3.62 billion, a PE ratio of -55.19 and a beta of 0.95. The firm's fifty day simple moving average is $15.83 and its 200-day simple moving average is $15.73.

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

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd will be 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 of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is -167.74%.

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.