Rhumbline Advisers Decreases Position in Eastern Bankshares, Inc. $EBC

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 trimmed its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Eastern Bankshares by 92.1% in the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares during the period. Strs Ohio acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $130,000. Barrett & Company Inc. acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $134,000. Cetera Investment Advisers acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $169,000. Finally, Net Worth Advisory Group acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $174,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

NASDAQ EBC opened at $17.39 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The stock's fifty day moving average price is $16.20 and its 200 day moving average price is $15.69. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40. The company has a market cap of $3.68 billion, a price-to-earnings ratio of -56.09 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 (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 for the quarter, compared to the consensus estimate of $241.32 million. As a group, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is currently -167.74%.

Insiders Place Their Bets

In related news, President Quincy Lee Miller purchased 13,706 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, with a total value of $233,961.42. Following the transaction, the president owned 13,706 shares of the company's stock, valued at approximately $233,961.42. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Eastern Bankshares 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.

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