Ruffer LLP Makes New Investment in Eastern Bankshares, Inc. $EBC

Key Points

• Ruffer LLP bought a new position of 160,133 shares in Eastern Bankshares valued at about $2.96 million, representing roughly 0.08% ownership at the end of the quarter.
• Multiple large institutions — including HoldCo, Wellington, Azora and Millennium — significantly increased stakes, leaving institutional ownership at 71.68% of the company.
• Recent results showed a quarterly EPS of $0.44 (beating estimates), the firm pays a $0.13 quarterly dividend (annualized $0.52, yield 2.6%) with a high payout ratio (~126.8%), and analysts' consensus is a "Moderate Buy" with an average target of $22.75.

Ruffer LLP purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 160,133 shares of the company's stock, valued at approximately $2,956,000. Ruffer LLP owned 0.08% of Eastern Bankshares at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. HoldCo Asset Management LP increased its holdings in Eastern Bankshares by 23.0% during the 3rd quarter. HoldCo Asset Management LP now owns 6,408,772 shares of the company's stock worth $116,319,000 after purchasing an additional 1,200,272 shares during the period. Wellington Management Group LLP increased its holdings in Eastern Bankshares by 48.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,601,634 shares of the company's stock worth $47,220,000 after purchasing an additional 847,891 shares during the period. Azora Capital LP increased its holdings in Eastern Bankshares by 54.5% during the 3rd quarter. Azora Capital LP now owns 2,597,878 shares of the company's stock worth $47,151,000 after purchasing an additional 916,875 shares during the period. Eastern Bank increased its holdings in Eastern Bankshares by 6.2% during the 3rd quarter. Eastern Bank now owns 1,547,906 shares of the company's stock worth $28,094,000 after purchasing an additional 89,890 shares during the period. Finally, Millennium Management LLC increased its holdings in Eastern Bankshares by 63.4% during the 3rd quarter. Millennium Management LLC now owns 1,521,642 shares of the company's stock worth $27,618,000 after purchasing an additional 590,443 shares during the period. Hedge funds and other institutional investors own 71.68% of the company's stock.

Insider Activity at Eastern Bankshares

In related news, CFO R David Rosato acquired 5,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was bought at an average cost of $19.17 per share, with a total value of $95,850.00. Following the transaction, the chief financial officer owned 45,000 shares of the company's stock, valued at $862,650. The trade was a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO David Andrew Ahlquist sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the sale, the chief accounting officer directly owned 9,518 shares of the company's stock, valued at $206,064.70. The trade was a 51.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.26% of the company's stock.

Eastern Bankshares Stock Down 2.8%

Shares of NASDAQ EBC opened at $20.39 on Wednesday. The stock has a market cap of $4.78 billion, a PE ratio of 49.73 and a beta of 0.76. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. Eastern Bankshares, Inc. has a 52-week low of $14.10 and a 52-week high of $22.58. The business has a 50-day moving average price of $20.03 and a 200 day moving average price of $19.29.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. The firm had revenue of $290.11 million during the quarter, compared to analysts' expectations of $287.09 million. Eastern Bankshares had a return on equity of 8.25% and a net margin of 8.32%. Equities research analysts forecast that Eastern Bankshares, Inc. will post 1.94 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.6%. Eastern Bankshares's dividend payout ratio is 126.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Zacks Research upgraded Eastern Bankshares from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 13th. Piper Sandler assumed coverage on Eastern Bankshares in a report on Monday, March 16th. They issued an "overweight" rating and a $23.00 price objective on the stock. TD Cowen increased their price objective on Eastern Bankshares from $23.00 to $24.00 and gave the company a "buy" rating in a report on Monday, January 26th. Barclays increased their price objective on Eastern Bankshares from $22.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, April 7th. Finally, Hovde Group assumed coverage on Eastern Bankshares in a report on Monday, January 5th. They issued an "outperform" rating and a $22.50 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.75.

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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