Teacher Retirement System of Texas Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Teacher Retirement System of Texas purchased a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 28,252 shares of the company's stock, valued at approximately $463,000.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC bought a new position in Eastern Bankshares during the 4th quarter valued at about $277,000. Raymond James Financial Inc. bought a new position in Eastern Bankshares during the 4th quarter valued at about $311,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Eastern Bankshares by 20.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,717 shares of the company's stock valued at $858,000 after acquiring an additional 8,506 shares during the period. HighTower Advisors LLC lifted its stake in Eastern Bankshares by 57.5% during the 4th 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. Finally, Swiss National Bank lifted its stake in Eastern Bankshares by 0.8% during the 4th quarter. Swiss National Bank now owns 381,764 shares of the company's stock valued at $6,585,000 after acquiring an additional 3,200 shares during the period. Institutional investors own 71.68% of the company's stock.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 2,348 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total transaction of $36,628.80. Following the completion of the sale, the director directly owned 29,011 shares of the company's stock, valued at approximately $452,571.60. This represents a 7.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company's stock.

Eastern Bankshares Trading Up 0.3%

EBC traded up $0.04 during trading on Friday, reaching $16.01. The company had a trading volume of 1,369,596 shares, compared to its average volume of 1,206,204. The stock has a market cap of $3.42 billion, a P/E ratio of -24.63 and a beta of 0.94. The business has a 50 day simple moving average of $15.26 and a 200-day simple moving average of $16.15. Eastern Bankshares, Inc. has a 52 week low of $13.51 and a 52 week high of $19.40. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a positive return on equity of 6.42% and a negative net margin of 15.56%. The business had revenue of $222.40 million during the quarter, compared to the consensus estimate of $226.98 million. On average, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Tuesday, June 3rd were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.25%. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, June 3rd. Eastern Bankshares's dividend payout ratio is presently -80.00%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lowered their price objective on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th.

Eastern Bankshares 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.