Janney Montgomery Scott LLC Sells 20,100 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Eastern Bankshares by 19.1%, selling 20,100 shares, leaving it with a total of 84,890 shares worth approximately $1.3 million.
• President Quincy Lee Miller bought 13,706 shares at an average price of $17.07, increasing his holdings significantly and indicating confidence in the company's prospects.
• Eastern Bankshares recently declared a quarterly dividend of $0.13 per share, resulting in an annual yield of 2.9%, although its dividend payout ratio is currently negative at -167.74%.

Janney Montgomery Scott LLC trimmed its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 19.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 84,890 shares of the company's stock after selling 20,100 shares during the period. Janney Montgomery Scott LLC's holdings in Eastern Bankshares were worth $1,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in 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 purchasing an additional 870 shares during the period. Strs Ohio bought a new position in Eastern Bankshares during the first quarter valued at $130,000. Barrett & Company Inc. bought a new position in Eastern Bankshares during the first quarter valued at $134,000. Cetera Investment Advisers bought a new position in Eastern Bankshares during the first quarter valued at $169,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Eastern Bankshares during the first quarter valued at $177,000. 71.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, President Quincy Lee Miller purchased 13,706 shares of the stock in a transaction on Wednesday, August 27th. The shares were acquired at an average price of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the transaction, the president directly owned 13,706 shares of the company's stock, valued at approximately $233,961.42. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is owned by insiders.

Eastern Bankshares Price Performance

NASDAQ:EBC opened at $17.82 on Monday. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of -57.48 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 stock has a fifty day moving average of $17.09 and a 200 day moving average of $15.90. 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 posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. The company had revenue of $162.26 million during the quarter. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. On average, research analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd were given a dividend of $0.13 per share. The ex-dividend date 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 (DPR) is presently -167.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on EBC shares. Weiss Ratings restated a "sell (d+)" rating on shares of Eastern Bankshares in a research report on Wednesday, October 8th. Cowen started coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They set a "buy" rating on the stock. Finally, TD Cowen started coverage on Eastern Bankshares in a research report on Thursday, September 25th. They set a "buy" rating and a $23.00 target price on the stock. 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $21.50.

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.

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