T. Rowe Price Investment Management Inc. Boosts Stake in Eastern Bankshares, Inc. $EBC

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Eastern Bankshares by 1.0% during Q1, now owning approximately 4.58% of the company valued at $160.24 million.
• Eastern Bankshares declared a quarterly dividend of $0.13 per share, resulting in an annualized yield of 3.3%, set to be paid on September 15th.
• Wall Street analysts have updated the price target for Eastern Bankshares from $22.00 to $20.00, maintaining an "outperform" rating for the stock.

T. Rowe Price Investment Management Inc. increased its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,770,710 shares of the company's stock after purchasing an additional 93,157 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 4.58% of Eastern Bankshares worth $160,240,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of EBC. Dimensional Fund Advisors LP increased its position in Eastern Bankshares by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 8,019,676 shares of the company's stock worth $131,522,000 after buying an additional 1,087,206 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Eastern Bankshares by 12.7% during the 1st quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock valued at $68,558,000 after acquiring an additional 469,743 shares during the period. Frontier Capital Management Co. LLC grew its stake in shares of Eastern Bankshares by 112.1% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock valued at $45,997,000 after acquiring an additional 1,409,471 shares during the period. Northern Trust Corp increased its holdings in Eastern Bankshares by 24.0% in the 4th quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock worth $39,447,000 after acquiring an additional 442,352 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Eastern Bankshares by 5.2% during the 1st quarter. Wellington Management Group LLP now owns 1,847,405 shares of the company's stock worth $30,297,000 after acquiring an additional 91,338 shares during the period. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lowered their price target on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $20.00.

Eastern Bankshares Price Performance

Shares of EBC opened at $15.91 on Thursday. The business's 50 day moving average is $15.52 and its 200 day moving average is $15.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40. The company has a market capitalization of $3.36 billion, a PE ratio of -51.32 and a beta of 0.94.

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

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, September 3rd. Eastern Bankshares's payout ratio is currently -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.

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