The Manufacturers Life Insurance Company acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,290,830 shares of the company's stock, valued at approximately $28,708,000. The Manufacturers Life Insurance Company owned 0.56% of Eastern Bankshares at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Eastern Bankshares by 38.0% during the first quarter. Royal Bank of Canada now owns 198,421 shares of the company's stock worth $3,254,000 after buying an additional 54,664 shares in the last quarter. AQR Capital Management LLC purchased a new position in Eastern Bankshares in the first quarter valued at $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Eastern Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock valued at $1,884,000 after buying an additional 5,028 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Eastern Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock worth $7,091,000 after acquiring an additional 29,781 shares during the period. Finally, Jane Street Group LLC raised its position in shares of Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after acquiring an additional 484,277 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Eastern Bankshares
In other Eastern Bankshares news, Director Joseph F. Casey sold 1,778 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $22.69, for a total transaction of $40,342.82. Following the completion of the transaction, the director owned 60,301 shares of the company's stock, valued at $1,368,229.69. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Luis Borgen sold 1,710 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 35,197 shares of company stock valued at $809,724. 1.26% of the stock is owned by company insiders.
Eastern Bankshares Stock Performance
EBC opened at $22.41 on Friday. The firm's fifty day simple moving average is $22.63 and its two-hundred day simple moving average is $20.96. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 12.73 and a beta of 0.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.01 million during the quarter, compared to analysts' expectations of $308.20 million. Equities analysts anticipate that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.
Eastern Bankshares Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's payout ratio is presently 34.09%.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on EBC. Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research note on Friday, August 7th. DA Davidson upped their price target on Eastern Bankshares from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Stephens downgraded Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target on the stock. in a research report on Tuesday, July 28th. Hovde Group raised their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Piper Sandler reissued an "overweight" rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.86.
Check Out Our Latest Research Report on Eastern Bankshares
Eastern Bankshares Company Profile
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Free Report)
Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.
Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.
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Want to see what other hedge funds are holding EBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report).
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