Sandy Cove Advisors LLC Invests $1.11 Million in Eastern Bankshares, Inc. $EBC

Key Points

• Sandy Cove Advisors LLC opened a new position in Eastern Bankshares, buying 60,192 shares worth about $1.11 million in the fourth quarter.
• Analyst sentiment remains generally positive, with Eastern Bankshares carrying a Moderate Buy rating and an average price target of $22.92, though some firms recently trimmed targets to $22.
• The company raised its quarterly dividend to $0.15 per share from $0.13, giving it a 3.0% annualized yield, even as its latest earnings report missed expectations on both EPS and revenue.

Sandy Cove Advisors LLC purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 60,192 shares of the company's stock, valued at approximately $1,109,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock worth $30,000 after purchasing an additional 762 shares in the last quarter. Danske Bank A S raised its stake in shares of Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock worth $35,000 after purchasing an additional 1,600 shares in the last quarter. Allworth Financial LP raised its stake in shares of Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company's stock worth $40,000 after purchasing an additional 584 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Eastern Bankshares during the 3rd quarter worth about $49,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares during the 4th quarter worth about $52,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on EBC shares. TD Cowen cut their price target on Eastern Bankshares from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Piper Sandler started coverage on Eastern Bankshares in a research note on Monday, March 16th. They set an "overweight" rating and a $23.00 price target for the company. Barclays cut their price target on Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating for the company in a research note on Monday, April 27th. DA Davidson initiated coverage on Eastern Bankshares in a report on Friday, May 15th. They set a "buy" rating and a $24.00 price objective on the stock. Finally, Weiss Ratings raised Eastern Bankshares from a "hold (c)" rating to a "buy (b)" rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $22.92.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $19.85 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 11.15 and a beta of 0.70. The business's 50-day simple moving average is $19.80 and its 200-day simple moving average is $19.55. Eastern Bankshares, Inc. has a 52 week low of $14.10 and a 52 week high of $22.58.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). The company had revenue of $295.90 million for the quarter, compared to analyst estimates of $308.68 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. As a group, equities research analysts expect that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.13. Eastern Bankshares's payout ratio is currently 29.21%.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato bought 5,000 shares of the stock in a transaction on Thursday, March 5th. The shares were purchased at an average price of $19.17 per share, with a total value of $95,850.00. Following the acquisition, the chief financial officer directly owned 45,000 shares of the company's stock, valued at $862,650. This represents a 12.50% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.26% of the company's stock.

Eastern Bankshares Company 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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