Eastern Bankshares, Inc. $EBC Position Decreased by Rhumbline Advisers

Key Points

• Rhumbline Advisers has reduced its position in Eastern Bankshares, Inc. by 5.0%, now owning 286,647 shares valued at approximately $4.7 million.
• In contrast, GAMMA Investing LLC significantly increased its stake by 92.1%, while several other hedge funds also acquired new positions in the company during the same quarter.
• Earnings results revealed that Eastern Bankshares reported $0.41 EPS, exceeding the consensus estimate of $0.38, alongside a recent quarterly dividend declaration of $0.13 per share.

Rhumbline Advisers cut its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,647 shares of the company's stock after selling 14,979 shares during the period. Rhumbline Advisers owned 0.13% of Eastern Bankshares worth $4,701,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in Eastern Bankshares in the first quarter valued at $130,000. Intech Investment Management LLC raised its holdings in shares of Eastern Bankshares by 36.2% during the first quarter. Intech Investment Management LLC now owns 109,369 shares of the company's stock worth $1,794,000 after purchasing an additional 29,058 shares during the period. Jane Street Group LLC grew its position in shares of Eastern Bankshares by 789.9% during the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after acquiring an additional 484,277 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Eastern Bankshares by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock worth $7,091,000 after acquiring an additional 29,781 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Eastern Bankshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock worth $1,884,000 after acquiring an additional 5,028 shares during the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller acquired 13,706 shares of Eastern Bankshares stock in a transaction dated Wednesday, August 27th. The stock was bought at an average price of $17.07 per share, for a total transaction of $233,961.42. Following the transaction, the president owned 13,706 shares in the company, valued at approximately $233,961.42. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.10% of the company's stock.

Eastern Bankshares Price Performance

EBC traded up $0.60 on Thursday, reaching $18.15. The company had a trading volume of 1,563,536 shares, compared to its average volume of 1,471,782. The company has a fifty day moving average of $16.32 and a 200-day moving average of $15.70. The company has a market capitalization of $3.84 billion, a P/E ratio of -58.55 and a beta of 0.95. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a one year low of $13.51 and a one year high of $19.40.

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

Eastern Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, September 3rd were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is currently -167.74%.

About Eastern Bankshares

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.