Man Group plc lowered its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 295,132 shares of the company's stock after selling 19,689 shares during the period. Man Group plc owned approximately 0.14% of Eastern Bankshares worth $5,091,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. 1620 Investment Advisors Inc. acquired a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $33,000. Sterling Capital Management LLC grew its position in Eastern Bankshares by 836.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock worth $107,000 after purchasing an additional 5,555 shares in the last quarter. KBC Group NV raised its stake in Eastern Bankshares by 69.5% during the 4th quarter. KBC Group NV now owns 9,246 shares of the company's stock valued at $159,000 after purchasing an additional 3,791 shares during the period. Whittier Trust Co. acquired a new stake in Eastern Bankshares during the 4th quarter valued at $172,000. Finally, RFG Bristol Wealth Advisors LLC purchased a new stake in shares of Eastern Bankshares in the fourth quarter valued at $178,000. Institutional investors and hedge funds own 71.68% of the company's stock.
Insider Buying and Selling
In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $15.40 per share, for a total transaction of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares of the company's stock, valued at $308,000. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Luis Borgen sold 2,348 shares of Eastern Bankshares stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.68, for a total transaction of $36,816.64. Following the completion of the sale, the director now directly owns 27,187 shares of the company's stock, valued at approximately $426,292.16. The trade was a 7.95% decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods lowered their price target on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Monday, April 28th.
Check Out Our Latest Analysis on EBC
Eastern Bankshares Stock Down 0.7%
Shares of EBC traded down $0.10 during trading hours on Monday, reaching $14.78. The company's stock had a trading volume of 728,827 shares, compared to its average volume of 1,131,945. The company has a 50 day moving average of $15.36 and a two-hundred day moving average of $16.93. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 22.06 and a beta of 0.97. Eastern Bankshares, Inc. has a 1-year low of $12.66 and a 1-year high of $19.40.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. The firm had revenue of $222.40 million for the quarter, compared to analyst estimates of $226.98 million. As a group, analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.
Eastern Bankshares Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, June 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.52%. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, June 3rd. Eastern Bankshares's dividend payout ratio (DPR) is currently -80.00%.
About Eastern Bankshares
(
Free Report)
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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