Eastern Bankshares (NASDAQ:EBC) Director Joseph Casey Sells 1,778 Shares

Key Points

• Director Joseph Casey sold 1,778 Eastern Bankshares shares at an average price of $22.69, generating approximately $40,343 and reducing his ownership by 2.86% to 60,301 shares.
• Eastern Bankshares reported quarterly earnings of $0.49 per share, exceeding estimates by $0.03, while revenue of $316.01 million also topped expectations.
• The company declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.86.

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 1,778 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $22.69, for a total transaction of $40,342.82. Following the sale, the director directly owned 60,301 shares in the company, valued at $1,368,229.69. This trade represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Eastern Bankshares Stock Up 0.2%

Shares of NASDAQ EBC traded up $0.04 during midday trading on Wednesday, hitting $22.40. The stock had a trading volume of 1,255,772 shares, compared to its average volume of 2,524,554. The business's 50 day moving average is $22.55 and its 200-day moving average is $20.95. Eastern Bankshares, Inc. has a 52 week low of $16.61 and a 52 week high of $23.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. The company has a market cap of $5.12 billion, a P/E ratio of 12.73 and a beta of 0.68.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $316.01 million during the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. As a group, analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. Eastern Bankshares's dividend payout ratio (DPR) is presently 34.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Piper Sandler reaffirmed an "overweight" rating and set a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Eastern Bankshares in a research report on Friday, August 7th. DA Davidson increased their price objective on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, July 27th. TD Cowen increased their target price on Eastern Bankshares from $25.00 to $26.00 and gave the company a "buy" rating in a report on Monday, July 27th. Finally, Stephens cut Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 target price on the stock. in a research report on Tuesday, July 28th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.86.

Hedge Funds Weigh In On Eastern Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Eastern Bankshares by 12.6% in the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after purchasing an additional 2,440,017 shares during the period. UBS Group AG boosted its position in shares of Eastern Bankshares by 249.9% during the fourth quarter. UBS Group AG now owns 1,810,225 shares of the company's stock worth $33,362,000 after acquiring an additional 1,292,857 shares during the last quarter. Algebris UK Ltd. boosted its position in shares of Eastern Bankshares by 21.8% during the fourth quarter. Algebris UK Ltd. now owns 624,471 shares of the company's stock worth $11,514,000 after acquiring an additional 111,811 shares during the last quarter. Minerva Advisors LLC purchased a new position in Eastern Bankshares during the fourth quarter valued at $1,153,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Eastern Bankshares by 25.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company's stock valued at $28,319,000 after acquiring an additional 289,458 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Bankshares Company Profile

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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