Northstar Asset Management Inc. Trims Position in Eastern Bankshares, Inc. $EBC

Key Points

• Northstar Asset Management cut its Eastern Bankshares position by 86.7% in the second quarter, selling 225,225 shares and retaining 34,430 shares valued at approximately $766,000. Institutional investors collectively own 71.68% of EBC.
• Eastern Bankshares exceeded quarterly expectations, reporting $0.49 EPS versus the $0.46 consensus and revenue of $316.01 million versus $308.20 million. The company also declared a quarterly dividend of $0.15, representing a 2.7% yield.
• Analyst sentiment remains positive, with six Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $24.86. However, insiders sold 35,197 shares worth $809,724 during the last quarter.

Northstar Asset Management Inc. decreased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 86.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,430 shares of the company's stock after selling 225,225 shares during the quarter. Northstar Asset Management Inc.'s holdings in Eastern Bankshares were worth $766,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Royal Bank of Canada lifted its position in Eastern Bankshares by 38.0% during the first quarter. Royal Bank of Canada now owns 198,421 shares of the company's stock worth $3,254,000 after buying an additional 54,664 shares during the period. AQR Capital Management LLC purchased a new stake in Eastern Bankshares in the 1st quarter valued at about $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Eastern Bankshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock valued at $1,884,000 after buying an additional 5,028 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Eastern Bankshares by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock valued at $7,091,000 after acquiring an additional 29,781 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Eastern Bankshares by 789.9% during the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock valued at $8,948,000 after acquiring an additional 484,277 shares during the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Price Performance

Shares of EBC stock opened at $22.29 on Friday. The firm has a fifty day simple moving average of $22.67 and a 200-day simple moving average of $20.97. The company has a market capitalization of $5.09 billion, a PE ratio of 12.66 and a beta of 0.68. Eastern Bankshares, Inc. has a twelve month low of $16.61 and a twelve month high of $23.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The company had revenue of $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. Equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.7%. Eastern Bankshares's dividend payout ratio is currently 34.09%.

Insiders Place Their Bets

In other news, Director Luis Borgen sold 1,710 shares of the company's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the sale, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph F. Casey sold 10,000 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $22.72, for a total transaction of $227,200.00. Following the transaction, the director directly owned 62,079 shares in the company, valued at $1,410,434.88. The trade was a 13.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,197 shares of company stock worth $809,724 over the last quarter. 1.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EBC. TD Cowen raised their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Seaport Research Partners reaffirmed a "buy" rating and set a $27.00 price target on shares of Eastern Bankshares in a research report on Monday, July 27th. DA Davidson increased their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Stephens lowered shares of Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target on the stock. in a report on Tuesday, July 28th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.86.

Eastern Bankshares 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.

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