Russell Investments Group Ltd. Reduces Stock Position in Eastern Bankshares, Inc. $EBC

Key Points

• Russell Investments Group Ltd. has reduced its stake in Eastern Bankshares, Inc. by 21.4%, owning 79,728 shares worth approximately $1.31 million after selling 21,643 shares in the first quarter.
• Several large investors have recently increased their holdings in Eastern Bankshares, with GAMMA Investing LLC growing their position by 92.1%.
• Eastern Bankshares announced a quarterly dividend of $0.13 per share, yielding 3.0%, with the dividend payout ratio currently at -167.74%.

Russell Investments Group Ltd. lessened its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 21.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,728 shares of the company's stock after selling 21,643 shares during the quarter. Russell Investments Group Ltd.'s holdings in Eastern Bankshares were worth $1,308,000 at the end of the most recent quarter.

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

Eastern Bankshares Stock Performance

NASDAQ EBC opened at $17.11 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40. The company has a market capitalization of $3.62 billion, a PE ratio of -55.19 and a beta of 0.94. The company has a fifty day moving average of $15.72 and a two-hundred day moving average of $15.80.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data 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 negative net margin of 6.49% and a positive return on equity of 7.35%. The company had revenue of $249.10 million during the quarter, compared to the consensus estimate of $241.32 million. As a group, analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.0%. The ex-dividend date is 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.

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