Minerva Advisors LLC Takes $1.15 Million Position in Eastern Bankshares, Inc. $EBC

Key Points

• Minerva Advisors LLC disclosed a new position in Eastern Bankshares, buying 62,576 shares valued at about $1.15 million, making EBC its 24th-largest holding.
• Eastern Bankshares missed earnings expectations in its latest quarter, reporting EPS of $0.40 versus the $0.44 estimate and revenue of $295.9 million versus $308.68 million expected.
• The bank raised its quarterly dividend to $0.15 per share from $0.13, while analysts currently rate the stock a Moderate Buy with an average price target of $22.92.

Minerva Advisors LLC acquired a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,576 shares of the company's stock, valued at approximately $1,153,000. Eastern Bankshares comprises about 0.8% of Minerva Advisors LLC's portfolio, making the stock its 24th largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. 1620 Investment Advisors Inc. increased its position in shares of Eastern Bankshares by 8.3% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company's stock valued at $131,000 after buying an additional 543 shares during the period. Allworth Financial LP increased its position in shares of Eastern Bankshares by 36.4% during the third quarter. Allworth Financial LP now owns 2,189 shares of the company's stock valued at $40,000 after buying an additional 584 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Eastern Bankshares by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company's stock valued at $513,000 after buying an additional 584 shares during the period. California State Teachers Retirement System increased its position in shares of Eastern Bankshares by 0.4% during the second quarter. California State Teachers Retirement System now owns 179,379 shares of the company's stock valued at $2,739,000 after buying an additional 660 shares during the period. Finally, Orion Porfolio Solutions LLC increased its position in shares of Eastern Bankshares by 6.0% during the second quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company's stock valued at $200,000 after buying an additional 740 shares during the period. Hedge funds and other institutional investors own 71.68% of the company's stock.

Insider Activity at Eastern Bankshares

In other news, CFO R David Rosato purchased 5,000 shares of the business's stock in a transaction dated Thursday, March 5th. The shares were purchased at an average price of $19.17 per share, for a total transaction of $95,850.00. Following the completion of the acquisition, the chief financial officer directly owned 45,000 shares in the company, valued at $862,650. This represents a 12.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.26% of the stock is currently owned by insiders.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $19.85 on Tuesday. The company's 50 day moving average price is $19.82 and its 200-day moving average price is $19.57. Eastern Bankshares, Inc. has a 52 week low of $14.10 and a 52 week high of $22.58. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 11.15 and a beta of 0.70.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. The firm had revenue of $295.90 million for the quarter, compared to analysts' expectations of $308.68 million. On average, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, June 5th. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. Eastern Bankshares's dividend payout ratio is currently 29.21%.

Analysts Set New Price Targets

EBC has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of Eastern Bankshares in a research report on Monday, March 16th. They set an "overweight" rating and a $23.00 price target on the stock. DA Davidson initiated coverage on shares of Eastern Bankshares in a research report on Friday, May 15th. They set a "buy" rating and a $24.00 price target on the stock. Stephens initiated coverage on shares of Eastern Bankshares in a research report on Wednesday, April 15th. They set an "overweight" rating and a $24.00 price target on the stock. Weiss Ratings upgraded shares of Eastern Bankshares from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, May 12th. Finally, TD Cowen reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.92.

About Eastern Bankshares

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.

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