M3F Inc. Has $10.85 Million Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

M3F Inc. decreased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 628,767 shares of the company's stock after selling 49,100 shares during the quarter. Eastern Bankshares comprises approximately 3.1% of M3F Inc.'s investment portfolio, making the stock its 9th biggest holding. M3F Inc. owned about 0.29% of Eastern Bankshares worth $10,846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. MetLife Investment Management LLC lifted its stake in Eastern Bankshares by 5.3% in the fourth quarter. MetLife Investment Management LLC now owns 117,953 shares of the company's stock valued at $2,035,000 after buying an additional 5,937 shares during the period. Dimensional Fund Advisors LP boosted its stake in Eastern Bankshares by 3.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,932,470 shares of the company's stock worth $119,585,000 after acquiring an additional 259,476 shares during the last quarter. First Trust Advisors LP grew its holdings in Eastern Bankshares by 23.3% during the fourth quarter. First Trust Advisors LP now owns 5,080,479 shares of the company's stock valued at $87,638,000 after purchasing an additional 960,591 shares during the period. Gamco Investors INC. ET AL bought a new stake in Eastern Bankshares in the fourth quarter valued at approximately $371,000. Finally, XTX Topco Ltd acquired a new stake in Eastern Bankshares in the fourth quarter worth $350,000. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Performance

NASDAQ EBC traded down $1.14 during trading hours on Friday, reaching $14.66. 2,885,353 shares of the company's stock were exchanged, compared to its average volume of 1,073,606. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 21.84 and a beta of 0.96. The company's 50-day moving average is $16.12 and its two-hundred day moving average is $17.16. Eastern Bankshares, Inc. has a one year low of $12.54 and a one year high of $19.40.

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

Insider Activity

In other Eastern Bankshares news, CFO R David Rosato acquired 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 20,000 shares of the company's stock, valued at approximately $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $22.00 price objective (up previously from $21.00) on shares of Eastern Bankshares in a research report on Monday, January 27th.

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.