Northern Trust Corp Has $39.45 Million Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Northern Trust Corp grew its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 24.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,286,789 shares of the company's stock after purchasing an additional 442,352 shares during the period. Northern Trust Corp owned about 1.07% of Eastern Bankshares worth $39,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Enterprise Bank & Trust Co boosted its stake in shares of Eastern Bankshares by 3.4% during the fourth quarter. Enterprise Bank & Trust Co now owns 24,234 shares of the company's stock valued at $418,000 after purchasing an additional 800 shares in the last quarter. Xponance Inc. grew its holdings in Eastern Bankshares by 9.6% during the 4th quarter. Xponance Inc. now owns 13,778 shares of the company's stock worth $238,000 after acquiring an additional 1,203 shares during the last quarter. Diversified Trust Co increased its position in Eastern Bankshares by 6.5% in the 4th quarter. Diversified Trust Co now owns 20,971 shares of the company's stock valued at $362,000 after acquiring an additional 1,272 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Eastern Bankshares in the fourth quarter worth $33,000. Finally, Cerity Partners LLC increased its holdings in Eastern Bankshares by 11.8% in the fourth quarter. Cerity Partners LLC now owns 20,791 shares of the company's stock valued at $358,000 after purchasing an additional 2,196 shares during the period. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Down 0.6 %

EBC opened at $15.21 on Friday. Eastern Bankshares, Inc. has a twelve month low of $12.66 and a twelve month high of $19.40. The company has a fifty day moving average of $15.50 and a 200-day moving average of $17.03. The stock has a market cap of $3.25 billion, a PE ratio of 22.70 and a beta of 0.97.

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

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd will be paid a $0.13 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.42%. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.12. Eastern Bankshares's payout ratio is currently -80.00%.

Insider Activity at Eastern Bankshares

In other news, CFO R David Rosato purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average cost of $15.40 per share, with a total value of $154,000.00. Following the purchase, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.

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