Rafferty Asset Management LLC Trims Holdings in Eastern Bankshares, Inc. $EBC

Key Points

• Rafferty Asset Management LLC reduced its holdings in Eastern Bankshares, Inc. by 12.8%, owning 156,108 shares worth approximately $2.56 million after selling 22,842 shares.
• The company recently declared a dividend of $0.13 per share, with a dividend yield of 3.0%, to be paid on September 15th to investors of record.
• Eastern Bankshares reported earnings of $0.41 per share for the last quarter, exceeding analysts' expectations of $0.38, with total revenue of $249.10 million.

Rafferty Asset Management LLC lowered its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 12.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,108 shares of the company's stock after selling 22,842 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.07% of Eastern Bankshares worth $2,560,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. M&T Bank Corp lifted its position in shares of Eastern Bankshares by 2.5% during the 1st quarter. M&T Bank Corp now owns 31,797 shares of the company's stock valued at $521,000 after buying an additional 768 shares in the last quarter. Xponance Inc. grew its position in shares of Eastern Bankshares by 6.0% in the first quarter. Xponance Inc. now owns 14,599 shares of the company's stock valued at $239,000 after purchasing an additional 821 shares during the period. GAMMA Investing LLC increased its stake in shares of 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. Principal Financial Group Inc. raised its position in shares of Eastern Bankshares by 19.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,793 shares of the company's stock worth $210,000 after purchasing an additional 2,123 shares during the last quarter. Finally, Single Point Partners LLC lifted its stake in Eastern Bankshares by 19.6% in the 1st quarter. Single Point Partners LLC now owns 13,810 shares of the company's stock valued at $226,000 after buying an additional 2,265 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

NASDAQ:EBC traded up $0.15 during trading hours on Thursday, hitting $17.17. 336,235 shares of the stock were exchanged, compared to its average volume of 1,355,982. Eastern Bankshares, Inc. has a 52-week low of $13.51 and a 52-week high of $19.40. The firm's fifty day moving average price is $15.97 and its 200 day moving average price is $15.74. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The company has a market cap of $3.63 billion, a P/E ratio of -55.35 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.03. The business had revenue of $249.10 million for the quarter, compared to the consensus estimate of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. As a group, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's payout ratio is -167.74%.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller bought 13,706 shares of the company's stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average price of $17.07 per share, with a total value of $233,961.42. Following the completion of the acquisition, the president directly owned 13,706 shares of the company's stock, valued at $233,961.42. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by company 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.