Millennium Management LLC Grows Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Millennium Management LLC increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 203.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 900,442 shares of the company's stock after buying an additional 603,991 shares during the quarter. Millennium Management LLC owned about 0.42% of Eastern Bankshares worth $15,533,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. 1620 Investment Advisors Inc. purchased a new position in shares of Eastern Bankshares in the 4th quarter worth about $33,000. Sterling Capital Management LLC raised its holdings in shares of Eastern Bankshares by 836.6% in 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 during the period. KBC Group NV raised its holdings in shares of Eastern Bankshares by 69.5% in the 4th quarter. KBC Group NV now owns 9,246 shares of the company's stock worth $159,000 after purchasing an additional 3,791 shares during the period. Whittier Trust Co. purchased a new position in shares of Eastern Bankshares in the 4th quarter worth about $172,000. Finally, RFG Bristol Wealth Advisors LLC purchased a new position in shares of Eastern Bankshares in the 4th quarter worth about $178,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Down 0.2%

Shares of NASDAQ EBC opened at $14.88 on Friday. Eastern Bankshares, Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $19.40. The business has a 50 day moving average price of $15.39 and a two-hundred day moving average price of $16.97. The firm has a market cap of $3.18 billion, a PE ratio of 22.21 and a beta of 0.97.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The company had revenue of $222.40 million during the quarter, compared to analyst estimates of $226.98 million. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, June 3rd will be issued a $0.13 dividend. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, June 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.49%. Eastern Bankshares's dividend payout ratio (DPR) is -80.00%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped their target price on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Monday, April 28th.

Insider Buying and Selling

In other news, Director Luis Borgen sold 2,348 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.68, for a total value of $36,816.64. Following the sale, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO R David Rosato acquired 10,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the purchase, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $308,000. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Company 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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