SG Americas Securities LLC lowered its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 46.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,713 shares of the company's stock after selling 20,216 shares during the quarter. SG Americas Securities LLC's holdings in Eastern Bankshares were worth $389,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock worth $30,000 after buying an additional 870 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Eastern Bankshares during the 4th quarter worth approximately $33,000. Sterling Capital Management LLC lifted its position in shares of Eastern Bankshares by 836.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock worth $107,000 after buying an additional 5,555 shares during the period. Whittier Trust Co. bought a new position in shares of Eastern Bankshares during the 4th quarter worth approximately $172,000. Finally, RFG Bristol Wealth Advisors LLC bought a new position in shares of Eastern Bankshares during the 4th quarter worth approximately $178,000. Institutional investors and hedge funds own 71.68% of the company's stock.
Eastern Bankshares Trading Up 1.6%
Shares of EBC opened at $14.89 on Wednesday. The stock has a fifty day moving average price of $15.00 and a two-hundred day moving average price of $16.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. Eastern Bankshares, Inc. has a 52-week low of $13.05 and a 52-week high of $19.40. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -22.91 and a beta of 0.95.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a positive return on equity of 6.42% and a negative net margin of 15.56%. The firm had revenue of $222.40 million during the quarter, compared to the consensus estimate of $226.98 million. Analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.
Eastern Bankshares Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were paid a $0.13 dividend. This is a boost from Eastern Bankshares's previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Tuesday, June 3rd. Eastern Bankshares's dividend payout ratio (DPR) is -80.00%.
Insider Activity
In other news, Director Luis Borgen sold 2,348 shares of Eastern Bankshares stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total value of $36,628.80. Following the completion of the sale, the director now directly owns 29,011 shares of the company's stock, valued at approximately $452,571.60. This trade represents a 7.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.
Analyst Ratings Changes
Separately, Keefe, Bruyette & Woods cut their price objective on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Monday, April 28th.
Check Out Our Latest Stock Report on Eastern Bankshares
Eastern Bankshares Profile
(
Free Report)
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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