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 cut its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 18.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 372,419 shares of the company's stock after selling 86,441 shares during the period. Voya Investment Management LLC owned about 0.17% of Eastern Bankshares worth $6,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Strs Ohio purchased a new stake in Eastern Bankshares in the 1st quarter worth $130,000. Intech Investment Management LLC grew its position in shares of Eastern Bankshares by 36.2% during the first quarter. Intech Investment Management LLC now owns 109,369 shares of the company's stock worth $1,794,000 after purchasing an additional 29,058 shares in the last quarter. Jane Street Group LLC raised its stake in Eastern Bankshares by 789.9% during the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock valued at $8,948,000 after purchasing an additional 484,277 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Eastern Bankshares by 7.4% in the 1st 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 purchasing an additional 29,781 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Eastern Bankshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock worth $1,884,000 after purchasing an additional 5,028 shares during the period. Hedge funds and other institutional investors own 71.68% of the company's stock.

Eastern Bankshares Price Performance

EBC traded up $0.02 during trading on Monday, reaching $18.06. 2,357,220 shares of the company traded hands, compared to its average volume of 1,772,039. The company has a market cap of $3.82 billion, a P/E ratio of -58.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40. The firm has a fifty day simple moving average of $16.41 and a 200 day simple moving average of $15.70.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.03. The firm 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%. On average, equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

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

Insider Activity at Eastern Bankshares

In other news, President Quincy Lee Miller bought 13,706 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the transaction, the president 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.10% of the company's stock.

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.