State Street Corp Boosts Stake in Eastern Bankshares, Inc. $EBC

Key Points

• State Street increased its Eastern Bankshares stake by 42.3% in the second quarter, bringing its holdings to 12.1 million shares worth approximately $269.7 million. Institutional investors collectively own 71.68% of EBC.
• Eastern Bankshares reported quarterly earnings of $0.49 per share, exceeding the $0.46 consensus estimate, while revenue of $316.0 million also surpassed expectations. The company pays a $0.15 quarterly dividend, yielding approximately 2.8% annually.
• Analysts maintain a favorable outlook, with six Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $24.86, versus the reported share price of $21.14.

State Street Corp increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 42.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,124,657 shares of the company's stock after acquiring an additional 3,603,128 shares during the period. State Street Corp owned approximately 5.31% of Eastern Bankshares worth $269,652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Eastern Bankshares in the second quarter valued at approximately $498,672,000. Jennison Associates LLC lifted its position in shares of Eastern Bankshares by 28.9% during the 1st quarter. Jennison Associates LLC now owns 6,846,216 shares of the company's stock valued at $133,912,000 after buying an additional 1,535,094 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Eastern Bankshares by 12.2% during the 4th quarter. Geode Capital Management LLC now owns 5,427,922 shares of the company's stock valued at $100,050,000 after buying an additional 592,012 shares in the last quarter. Bank of America Corp DE acquired a new stake in Eastern Bankshares in the 2nd quarter valued at $38,188,000. Finally, Bank of New York Mellon Corp acquired a new stake in Eastern Bankshares in the 2nd quarter valued at $37,479,000. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Trading Down 1.1%

Shares of EBC opened at $21.14 on Thursday. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77. The stock has a market cap of $4.83 billion, a PE ratio of 12.01 and a beta of 0.66. The firm's fifty day moving average is $22.54 and its two-hundred day moving average is $21.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The firm had revenue of $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. Research analysts forecast that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Eastern Bankshares's dividend payout ratio (DPR) is 34.09%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on EBC shares. Keefe, Bruyette & Woods upped their price objective on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Piper Sandler reiterated an "overweight" rating and issued a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Eastern Bankshares from a "sell" rating to a "hold" rating in a research report on Sunday, August 23rd. Finally, Hovde Group raised their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.86.

Insider Transactions at Eastern Bankshares

In related news, insider Donald Westermann sold 23,005 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total value of $492,997.15. Following the completion of the sale, the insider owned 22,565 shares of the company's stock, valued at approximately $483,567.95. This trade represents a 50.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 68,609 shares of company stock worth $1,529,281 in the last ninety days. Insiders own 1.26% of the company's stock.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, a full-service financial institution headquartered in Boston, Massachusetts. Eastern Bank provides banking and financial services to individuals, families, businesses, nonprofit organizations and municipalities, with a focus on communities in eastern Massachusetts and southern New Hampshire.

The bank offers deposit accounts, residential and commercial lending, small-business banking, cash-management services, digital and mobile banking, wealth management and trust services.

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