Eastern Bankshares, Inc. $EBC Stock Position Increased by Systematic Financial Management LP

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 grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 3.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,845,433 shares of the company's stock after buying an additional 53,968 shares during the quarter. Systematic Financial Management LP owned about 0.86% of Eastern Bankshares worth $30,265,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of EBC. GAMMA Investing LLC increased its stake in 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 in the last quarter. Barrett & Company Inc. purchased a new position in Eastern Bankshares in the 1st quarter valued at approximately $134,000. Cetera Investment Advisers purchased a new position in Eastern Bankshares during the first quarter worth $169,000. Net Worth Advisory Group purchased a new position in Eastern Bankshares during the first quarter worth $174,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Eastern Bankshares during the first quarter worth $177,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

Eastern Bankshares stock traded up $0.45 during mid-day trading on Wednesday, hitting $17.11. 1,752,413 shares of the company were exchanged, compared to its average volume of 1,358,096. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The business's 50 day simple moving average is $15.67 and its two-hundred day simple moving average is $15.79. The company has a market capitalization of $3.62 billion, a P/E ratio of -55.19 and a beta of 0.94. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results 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. The firm had revenue of $249.10 million for the quarter, compared to the consensus estimate of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. Analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio (DPR) 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.