Weiss Asset Management LP Purchases 49,717 Shares of Eastern Bankshares, Inc. $EBC

Key Points

• Weiss Asset Management increased its Eastern Bankshares position by 142.5%, purchasing 49,717 additional shares to bring its holdings to 84,613 shares valued at approximately $1.655 million. Institutional investors collectively own 71.68% of the company.
• Eastern Bankshares reported quarterly EPS of $0.49 and revenue of $316 million, exceeding analyst estimates of $0.46 and $308.2 million, respectively.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds, an average “Moderate Buy” rating, and a consensus price target of $23.08. The company also declared a quarterly dividend of $0.15 per share, equivalent to a 2.6% annual yield.

Weiss Asset Management LP lifted its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 142.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,613 shares of the company's stock after buying an additional 49,717 shares during the period. Weiss Asset Management LP's holdings in Eastern Bankshares were worth $1,655,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock worth $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S raised its stake in shares of Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company's stock worth $35,000 after acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company's stock worth $40,000 after acquiring an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $40,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter valued at $52,000. Institutional investors own 71.68% of the company's stock.

Insider Activity

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.26% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on EBC. Stephens initiated coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They set an "overweight" rating and a $24.00 target price on the stock. TD Cowen lowered their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Piper Sandler upped their price target on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. DA Davidson started coverage on Eastern Bankshares in a research note on Friday, May 15th. They set a "buy" rating and a $24.00 price objective on the stock. Finally, Barclays reduced their price objective on Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $23.08.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $22.92 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.88. Eastern Bankshares, Inc. has a fifty-two week low of $14.88 and a fifty-two week high of $23.53. The firm has a market cap of $5.30 billion, a PE ratio of 13.02 and a beta of 0.67. The business has a 50 day moving average price of $21.18 and a 200-day moving average price of $20.46.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The company had revenue of $316.00 million for the quarter, compared to the consensus estimate of $308.20 million. Equities research analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio (DPR) is 34.09%.

Key Stories Impacting Eastern Bankshares

Here are the key news stories impacting Eastern Bankshares this week:

• Positive Sentiment: Eastern Bankshares delivered a Q2 earnings beat, with EPS of $0.49 versus $0.46 expected and revenue of $316.0 million versus $308.2 million estimated. Article Title
• Positive Sentiment: The company declared a quarterly dividend of $0.15 per share, reinforcing its shareholder-return profile and yield appeal. Article Title
• Neutral Sentiment: Management’s Q2 earnings call transcript may provide additional color on loan growth, margins, and credit trends, but no major new catalyst was highlighted in the provided summary. Article Title
• Neutral Sentiment: Short-interest data showed no meaningful change in positioning, with reported short interest at 0 shares, offering little signal for near-term trading pressure.

About Eastern Bankshares

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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