Wellington Management Group LLP Trims Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Wellington Management Group LLP trimmed its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 15.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,756,067 shares of the company's stock after selling 312,770 shares during the period. Wellington Management Group LLP owned 0.82% of Eastern Bankshares worth $30,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at $33,000. Sterling Capital Management LLC boosted its holdings in Eastern Bankshares by 836.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock valued at $107,000 after purchasing an additional 5,555 shares during the last quarter. KBC Group NV boosted its holdings in Eastern Bankshares by 69.5% in the fourth quarter. KBC Group NV now owns 9,246 shares of the company's stock valued at $159,000 after purchasing an additional 3,791 shares during the last quarter. Whittier Trust Co. purchased a new stake in Eastern Bankshares in the fourth quarter valued at $172,000. Finally, RFG Bristol Wealth Advisors LLC purchased a new stake in Eastern Bankshares in the fourth quarter valued at $178,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Trading Down 1.3%

EBC stock traded down $0.19 during mid-day trading on Wednesday, reaching $14.77. The company's stock had a trading volume of 641,402 shares, compared to its average volume of 1,144,964. The stock has a market cap of $3.15 billion, a PE ratio of 22.04 and a beta of 0.95. Eastern Bankshares, Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $19.40. The company's 50 day moving average is $15.11 and its two-hundred day moving average is $16.76.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.01. The business had revenue of $222.40 million during the quarter, compared to the consensus estimate of $226.98 million. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. On average, analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, June 3rd will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Tuesday, June 3rd. This is a boost from Eastern Bankshares's previous quarterly dividend of $0.12. Eastern Bankshares's dividend payout ratio (DPR) is currently -80.00%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their target price on shares of Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th.

Insider Buying and Selling at Eastern Bankshares

In related news, Director Luis Borgen sold 2,348 shares of Eastern Bankshares stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $15.60, for a total transaction of $36,628.80. Following the sale, the director now directly owns 29,011 shares in the company, valued at $452,571.60. This trade represents a 7.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R David Rosato purchased 10,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the purchase, the chief financial officer now directly owns 20,000 shares in the company, valued at $308,000. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by corporate insiders.

Eastern Bankshares Company 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.