Massachusetts Financial Services Co. MA Lowers Holdings in Eastern Bankshares, Inc. $EBC

Key Points

• Massachusetts Financial Services Co. MA trimmed its stake in Eastern Bankshares (NASDAQ:EBC) by 3.5% in Q4, selling 72,496 shares and finishing with 2,017,900 shares worth about $37.19 million (0.96% ownership).
• Sell‑side analysts have a consensus rating of "Moderate Buy" with a $22.50 price target; several firms recently raised targets (TD Cowen to $24, Barclays to $23) and the ratings mix is 1 Strong Buy, 3 Buy, and 3 Hold.
• Insider selling was notable: Donald Westermann sold 21,256 shares (~$427k) and CAO David Ahlquist sold 10,000 shares (~$216k), each reducing their holdings by roughly half, leaving insiders with about 1.26% ownership.

Massachusetts Financial Services Co. MA trimmed its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,017,900 shares of the company's stock after selling 72,496 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.96% of Eastern Bankshares worth $37,190,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Corsicana & Co. purchased a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $36,000. Allworth Financial LP lifted its position in shares of Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company's stock worth $40,000 after purchasing an additional 584 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $49,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $52,000. Finally, Grey Fox Wealth Advisors LLC purchased a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $57,000. Hedge funds and other institutional investors own 71.68% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EBC. TD Cowen upped their price target on shares of Eastern Bankshares from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Barclays upped their price objective on Eastern Bankshares from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 7th. Weiss Ratings restated a "hold (c)" rating on shares of Eastern Bankshares in a research note on Friday, March 27th. Hovde Group initiated coverage on Eastern Bankshares in a research note on Monday, January 5th. They set an "outperform" rating and a $22.50 price objective for the company. Finally, Piper Sandler initiated coverage on Eastern Bankshares in a research note on Monday, March 16th. They set an "overweight" rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, insider Donald Michael Westermann sold 21,256 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $20.11, for a total value of $427,458.16. Following the completion of the sale, the insider directly owned 20,860 shares in the company, valued at approximately $419,494.60. This trade represents a 50.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO David Andrew Ahlquist sold 10,000 shares of the stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $21.65, for a total value of $216,500.00. Following the completion of the sale, the chief accounting officer owned 9,518 shares of the company's stock, valued at approximately $206,064.70. This trade represents a 51.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.26% of the stock is currently owned by company insiders.

Eastern Bankshares Trading Down 0.4%

NASDAQ:EBC opened at $20.67 on Wednesday. Eastern Bankshares, Inc. has a 52 week low of $14.10 and a 52 week high of $22.58. The firm has a 50 day moving average of $20.12 and a 200 day moving average of $19.20. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 50.42 and a beta of 0.76.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results on Thursday, January 22nd. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.25%. The company had revenue of $290.11 million during the quarter, compared to analysts' expectations of $287.09 million. As a group, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were paid a $0.13 dividend. The ex-dividend date was Friday, March 6th. This represents a $0.52 dividend on an annualized basis and a yield of 2.5%. Eastern Bankshares's dividend payout ratio (DPR) is 126.83%.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.

Want to see what other hedge funds are holding EBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.