Stieven Capital Advisors L.P. reduced its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 12.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 634,049 shares of the company's stock after selling 88,500 shares during the period. Eastern Bankshares makes up 2.0% of Stieven Capital Advisors L.P.'s portfolio, making the stock its 26th biggest position. Stieven Capital Advisors L.P. owned approximately 0.30% of Eastern Bankshares worth $10,398,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC lifted its holdings in Eastern Bankshares by 57.5% in the fourth quarter. HighTower Advisors LLC now owns 59,206 shares of the company's stock valued at $1,021,000 after acquiring an additional 21,621 shares during the period. JPMorgan Chase & Co. lifted its holdings in Eastern Bankshares by 14.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,815,393 shares of the company's stock valued at $31,316,000 after acquiring an additional 223,681 shares during the period. GAMMA Investing LLC lifted its holdings in Eastern Bankshares by 3,049.8% in the first quarter. GAMMA Investing LLC now owns 29,766 shares of the company's stock valued at $488,000 after acquiring an additional 28,821 shares during the period. Norges Bank bought a new position in shares of Eastern Bankshares in the fourth quarter worth about $37,196,000. Finally, Raymond James Financial Inc. bought a new position in shares of Eastern Bankshares in the fourth quarter worth about $311,000. 71.68% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Luis Borgen sold 2,348 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80. Following the transaction, the director owned 29,011 shares of the company's stock, valued at approximately $452,571.60. This represents a 7.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.10% of the company's stock.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods lowered their price objective on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th.
Read Our Latest Research Report on Eastern Bankshares
Eastern Bankshares Stock Performance
NASDAQ:EBC opened at $15.88 on Friday. The stock's fifty day moving average is $15.19 and its 200 day moving average is $16.21. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40. The firm has a market capitalization of $3.39 billion, a PE ratio of -24.43 and a beta of 0.94. 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 (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $222.40 million for the quarter, compared to the consensus estimate of $226.98 million. Eastern Bankshares had a positive return on equity of 6.42% and a negative net margin of 15.56%. On average, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.
Eastern Bankshares Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd were given a dividend of $0.13 per share. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, June 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.27%. Eastern Bankshares's dividend payout ratio is presently -80.00%.
About Eastern Bankshares
(
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Eastern Bankshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eastern Bankshares wasn't on the list.
While Eastern Bankshares currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
