Russell Investments Group Ltd. Has $1.31 Million Stock Holdings 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. reduced its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 21.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Brown Advisory Inc. raised its holdings in shares of Eastern Bankshares by 12.7% during the 1st quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock valued at $68,558,000 after buying an additional 469,743 shares during the period. Frontier Capital Management Co. LLC increased its holdings in Eastern Bankshares by 112.1% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after purchasing an additional 1,409,471 shares during the last quarter. Northern Trust Corp increased its holdings in Eastern Bankshares by 24.0% during the 4th quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock worth $39,447,000 after purchasing an additional 442,352 shares during the last quarter. Systematic Financial Management LP increased its holdings in Eastern Bankshares by 3.5% during the 4th quarter. Systematic Financial Management LP now owns 1,791,465 shares of the company's stock worth $30,903,000 after purchasing an additional 60,826 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Eastern Bankshares by 203.7% during the 4th quarter. Millennium Management LLC now owns 900,442 shares of the company's stock worth $15,533,000 after purchasing an additional 603,991 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded up $0.02 during trading on Tuesday, reaching $17.13. The stock had a trading volume of 1,519,336 shares, compared to its average volume of 1,229,096. Eastern Bankshares, Inc. has a one year low of $13.51 and a one year high of $19.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $3.62 billion, a PE ratio of -55.26 and a beta of 0.95. The firm's 50 day moving average price is $15.92 and its two-hundred day moving average price is $15.73.

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 analysts' consensus estimates 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 business had revenue of $249.10 million during the quarter, compared to analyst estimates of $241.32 million. On average, research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date 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 purchased 13,706 shares of Eastern Bankshares stock in a transaction on 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 of the company's stock, valued at $233,961.42. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.10% of the company's stock.

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.