Joseph Casey Sells 10,000 Shares of Eastern Bankshares (NASDAQ:EBC) Stock

Key Points

• Director Joseph Casey sold 10,000 Eastern Bankshares shares at an average price of $22.72, generating $227,200. The sale reduced his stake by 13.87% to 62,079 shares.
• Eastern Bankshares reported quarterly earnings of $0.49 per share, beating estimates by $0.03, while revenue of $316.01 million also exceeded expectations.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized $0.60 payout 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 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total transaction of $227,200.00. Following the completion of the transaction, the director owned 62,079 shares of the company's stock, valued at $1,410,434.88. This trade represents a 13.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Eastern Bankshares Price Performance

NASDAQ EBC traded down $0.28 during trading hours on Tuesday, reaching $22.36. 1,349,460 shares of the company's stock were exchanged, compared to its average volume of 2,532,387. The stock has a market cap of $5.11 billion, a PE ratio of 12.70 and a beta of 0.68. Eastern Bankshares, Inc. has a one year low of $16.50 and a one year high of $23.77. The firm has a fifty day moving average of $22.52 and a 200-day moving average of $20.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

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

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a $0.15 dividend. The ex-dividend date 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 34.09%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EBC. Stephens downgraded shares of Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target on the stock. in a research report on Tuesday, July 28th. Barclays lowered their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating for the company in a research report on Monday, April 27th. Seaport Research Partners reaffirmed a "buy" rating and issued a $27.00 target price on shares of Eastern Bankshares in a research note on Monday, July 27th. Hovde Group upped their target price on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $24.86.

Institutional Investors Weigh In On Eastern Bankshares

A number of institutional investors and hedge funds have recently modified their holdings of EBC. BlackRock Inc. bought a new stake in shares of Eastern Bankshares during the 2nd quarter valued at $498,672,000. California State Teachers Retirement System boosted its position in shares of Eastern Bankshares by 2,062.7% in the 2nd quarter. California State Teachers Retirement System now owns 5,790,273 shares of the company's stock worth $128,776,000 after purchasing an additional 5,522,534 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Eastern Bankshares by 185.9% in the 4th quarter. Wellington Management Group LLP now owns 7,437,108 shares of the company's stock worth $137,066,000 after purchasing an additional 4,835,474 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Eastern Bankshares by 33.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company's stock worth $253,018,000 after purchasing an additional 3,407,066 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Eastern Bankshares by 12.6% during the fourth 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. 71.68% of the stock is owned by 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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