Nuveen LLC Invests $8.77 Million in Eastern Bankshares, Inc. $EBC

Key Points

• Nuveen LLC has acquired a new stake in Eastern Bankshares, purchasing 534,651 shares valued at approximately $8.77 million, which represents about 0.25% ownership of the company.
• Eastern Bankshares reported $0.41 earnings per share (EPS) for the quarter, exceeding analysts’ expectations, and declared a quarterly dividend of $0.13 per share with a yield of 3.1%.
• The stock's target price has been reduced by Keefe, Bruyette & Woods from $22 to $20, while the average rating for Eastern Bankshares remains a "Buy" with a consensus target price of $20.

Nuveen LLC bought a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 534,651 shares of the company's stock, valued at approximately $8,768,000. Nuveen LLC owned about 0.25% of Eastern Bankshares as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in Eastern Bankshares by 92.1% during the first quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after purchasing an additional 870 shares in the last quarter. Barrett & Company Inc. purchased a new position in Eastern Bankshares during the first quarter worth approximately $134,000. Cetera Investment Advisers purchased a new position in Eastern Bankshares during the first quarter worth approximately $169,000. Net Worth Advisory Group purchased a new position in Eastern Bankshares during the first quarter worth approximately $174,000. Finally, GTS Securities LLC acquired a new position in shares of Eastern Bankshares during the fourth quarter valued at approximately $206,000. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Price Performance

Shares of Eastern Bankshares stock traded up $0.12 during mid-day trading on Friday, reaching $17.11. 2,483,778 shares of the stock traded hands, compared to its average volume of 1,232,868. The business has a 50-day moving average of $15.83 and a 200 day moving average of $15.77. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40. The stock has a market capitalization of $3.62 billion, a PE ratio of -55.19 and a beta of 0.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.38 by $0.03. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The firm had revenue of $249.10 million during the quarter, compared to analysts' expectations of $241.32 million. On average, analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller bought 13,706 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was purchased at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the acquisition, the president owned 13,706 shares in the company, valued at approximately $233,961.42. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

Eastern Bankshares Company 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.