Renaissance Technologies LLC Sells 83,900 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Renaissance Technologies LLC trimmed its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 66.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,234 shares of the company's stock after selling 83,900 shares during the quarter. Renaissance Technologies LLC's holdings in Eastern Bankshares were worth $729,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Enterprise Bank & Trust Co lifted its position 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. increased its stake in Eastern Bankshares by 9.6% in the 4th quarter. Xponance Inc. now owns 13,778 shares of the company's stock valued at $238,000 after buying an additional 1,203 shares during the last quarter. Diversified Trust Co lifted its position in shares of Eastern Bankshares by 6.5% during the 4th quarter. Diversified Trust Co now owns 20,971 shares of the company's stock worth $362,000 after buying an additional 1,272 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Eastern Bankshares in the 4th quarter worth approximately $33,000. Finally, Cerity Partners LLC grew its holdings in shares of 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 acquiring an additional 2,196 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Up 0.2 %

Shares of NASDAQ EBC opened at $14.95 on Friday. The stock's 50-day simple moving average is $15.79 and its two-hundred day simple moving average is $17.10. Eastern Bankshares, Inc. has a twelve month low of $12.66 and a twelve month high of $19.40. The firm has a market capitalization of $3.19 billion, a P/E ratio of 22.31 and a beta of 0.96.

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

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $0.13 per share. 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. This represents a $0.52 annualized dividend and a dividend yield of 3.48%. Eastern Bankshares's payout ratio is -80.00%.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the purchase, the chief financial officer now directly owns 20,000 shares in the company, valued at $308,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods dropped 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.

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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