Eastern Bankshares, Inc. $EBC Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Eastern Bankshares by 5.2%, acquiring an additional 91,338 shares, bringing its total ownership to approximately 1.85 million shares valued at about $30.3 million.
• The company reported a $0.41 EPS for the latest quarter, exceeding the consensus estimate of $0.38, with revenues of $249.1 million compared to the expected $241.32 million.
• Eastern Bankshares announced a quarterly dividend of $0.13, resulting in an annualized dividend yield of 3.1%, despite a negative payout ratio of -167.74%.

Wellington Management Group LLP grew its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 5.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,847,405 shares of the company's stock after purchasing an additional 91,338 shares during the period. Wellington Management Group LLP owned about 0.87% of Eastern Bankshares worth $30,297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in shares of Eastern Bankshares by 15.7% during the first 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 in the last quarter. Brown Advisory Inc. grew its position in shares of Eastern Bankshares by 12.7% during the first quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company's stock worth $68,558,000 after buying an additional 469,743 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in shares of Eastern Bankshares by 112.1% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company's stock worth $45,997,000 after buying an additional 1,409,471 shares in the last quarter. Northern Trust Corp grew its position in shares of Eastern Bankshares by 24.0% during the fourth quarter. Northern Trust Corp now owns 2,286,789 shares of the company's stock worth $39,447,000 after buying an additional 442,352 shares in the last quarter. Finally, Systematic Financial Management LP grew its position in shares of Eastern Bankshares by 3.5% during the fourth quarter. Systematic Financial Management LP now owns 1,791,465 shares of the company's stock worth $30,903,000 after buying an additional 60,826 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller purchased 13,706 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was purchased at an average cost of $17.07 per share, with a total value of $233,961.42. Following the completion of the acquisition, the president directly owned 13,706 shares of the company's stock, valued at $233,961.42. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

Eastern Bankshares Stock Up 0.7%

Shares of Eastern Bankshares stock traded up $0.12 on Friday, reaching $17.11. 2,483,778 shares of the company were exchanged, compared to its average volume of 1,232,868. Eastern Bankshares, Inc. has a 1-year low of $13.51 and a 1-year high of $19.40. The company has a market cap of $3.62 billion, a P/E ratio of -55.19 and a beta of 0.94. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The stock's 50 day moving average price is $15.83 and its 200-day moving average price is $15.77.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly 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 the consensus estimate of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. As a group, equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares's dividend payout ratio is -167.74%.

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.