State of Wyoming Takes $269,000 Position in Eastern Bankshares, Inc. $EBC

Key Points

• The State of Wyoming invested approximately $269,000 in Eastern Bankshares, purchasing 16,376 shares in the first quarter.
• Companies like T. Rowe Price and Dimensional Fund Advisors have also increased their stakes in Eastern Bankshares, indicating strong institutional interest.
• Eastern Bankshares announced a quarterly dividend of $0.13 with a yield of 3.0%, despite a negative payout ratio of -167.74%.

State of Wyoming acquired a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 16,376 shares of the company's stock, valued at approximately $269,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Eastern Bankshares by 92.1% in the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after purchasing an additional 870 shares during the period. Barrett & Company Inc. acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at about $134,000. Cetera Investment Advisers acquired a new position in Eastern Bankshares during the 1st quarter worth approximately $169,000. Net Worth Advisory Group acquired a new position in Eastern Bankshares during the 1st quarter worth approximately $174,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Eastern Bankshares during the 1st quarter worth approximately $177,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller acquired 13,706 shares of the stock in a transaction dated Wednesday, August 27th. The stock was purchased at an average cost of $17.07 per share, with a total value of $233,961.42. Following the completion of the purchase, the president directly owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Eastern Bankshares Stock Down 0.3%

EBC stock traded down $0.05 during trading on Friday, reaching $17.30. 1,379,798 shares of the stock were exchanged, compared to its average volume of 1,213,975. The firm's 50 day moving average is $16.05 and its 200 day moving average is $15.72. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The firm has a market cap of $3.66 billion, a P/E ratio of -55.80 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $241.32 million. As a group, research analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

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