Systematic Financial Management LP Acquires 53,968 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Systematic Financial Management LP increased its stake in Eastern Bankshares, Inc. by 3.0%, acquiring an additional 53,968 shares, bringing their total ownership to 1,845,433 shares valued at approximately $30 million.
• Eastern Bankshares' stock is currently trading at $16.80 with a market cap of $3.55 billion, and analysts have set a revised price target of $20.00.
• The company recently announced a quarterly dividend of $0.13 per share, representing a 3.1% yield, despite having a negative dividend payout ratio.

Systematic Financial Management LP boosted its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,845,433 shares of the company's stock after acquiring an additional 53,968 shares during the quarter. Systematic Financial Management LP owned 0.86% of Eastern Bankshares worth $30,265,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Frontier Capital Management Co. LLC boosted its position in shares of Eastern Bankshares by 112.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after buying an additional 1,409,471 shares during the period. Dimensional Fund Advisors LP raised its holdings in Eastern Bankshares by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 8,019,676 shares of the company's stock valued at $131,522,000 after buying an additional 1,087,206 shares in the last quarter. Azora Capital LP bought a new position in shares of Eastern Bankshares in the fourth quarter worth about $13,499,000. Millennium Management LLC increased its stake in shares of Eastern Bankshares by 203.7% in the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company's stock worth $15,533,000 after purchasing an additional 603,991 shares during the period. Finally, Nuveen LLC bought a new position in shares of Eastern Bankshares in the first quarter worth about $8,768,000. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Price Performance

NASDAQ EBC traded down $0.25 during trading on Thursday, reaching $16.87. 379,591 shares of the company traded hands, compared to its average volume of 1,352,019. Eastern Bankshares, Inc. has a 1-year low of $13.51 and a 1-year high of $19.40. The stock's 50 day moving average price is $15.72 and its two-hundred day moving average price is $15.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $3.57 billion, a price-to-earnings ratio of -54.40 and a beta of 0.94.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. The firm had revenue of $249.10 million during the quarter, compared to analysts' expectations of $241.32 million. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) is -167.74%.

Eastern Bankshares Company Profile

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.