Voya Investment Management LLC Sells 86,441 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Voya Investment Management LLC reduced its stake in Eastern Bankshares by 18.8%, selling 86,441 shares during the first quarter.
• Eastern Bankshares reported $0.41 earnings per share (EPS) for the last quarter, surpassing analyst expectations of $0.38, with revenues of $249.10 million.
• The company recently declared a quarterly dividend of $0.13 per share, which translates to a 2.9% yield.

Voya Investment Management LLC lessened its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 18.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 372,419 shares of the company's stock after selling 86,441 shares during the quarter. Voya Investment Management LLC owned 0.17% of Eastern Bankshares worth $6,108,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of EBC. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 15.7% during the 1st 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 during the period. Millennium Management LLC raised its position in shares of Eastern Bankshares by 203.7% during the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company's stock worth $15,533,000 after acquiring an additional 603,991 shares during the last quarter. Nuveen LLC bought a new stake in shares of Eastern Bankshares during the first quarter worth $8,768,000. Jane Street Group LLC raised its position in shares of Eastern Bankshares by 789.9% during 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 last quarter. Finally, Azora Capital LP raised its position in shares of Eastern Bankshares by 60.7% during the first quarter. Azora Capital LP now owns 1,257,901 shares of the company's stock worth $20,630,000 after acquiring an additional 475,336 shares during the last quarter. Institutional investors own 71.68% of the company's stock.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller acquired 13,706 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were purchased at an average price of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the purchase, the president directly owned 13,706 shares of the company's stock, valued at approximately $233,961.42. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is owned by corporate insiders.

Eastern Bankshares Stock Up 3.4%

Shares of Eastern Bankshares stock opened at $18.15 on Friday. Eastern Bankshares, Inc. has a 12 month low of $13.51 and a 12 month high of $19.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The stock has a market cap of $3.84 billion, a PE ratio of -58.55 and a beta of 0.95. The business has a fifty day simple moving average of $16.32 and a 200 day simple moving average of $15.70.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results 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 firm had revenue of $249.10 million during the quarter, compared to analysts' expectations of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. Research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, September 3rd were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.9%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is presently -167.74%.

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.

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