TD Cowen Initiates Coverage on Eastern Bankshares (NASDAQ:EBC)

Key Points

• TD Cowen has initiated coverage on Eastern Bankshares (NASDAQ:EBC) with a buy rating and a price target of $23.00, indicating a potential upside of 28.28% from its previous close.
• The company reported earnings of $0.41 EPS for the last quarter, exceeding analysts' expectations, and generated a revenue of $249.10 million, also surpassing forecasts.
• In recent insider activity, President Quincy Lee Miller acquired 13,706 shares of Eastern Bankshares stock, indicating strong confidence in the company’s prospects.

Analysts at TD Cowen started coverage on shares of Eastern Bankshares (NASDAQ:EBC - Get Free Report) in a note issued to investors on Thursday. The brokerage set a "buy" rating and a $23.00 price target on the stock. TD Cowen's price target indicates a potential upside of 28.28% from the stock's previous close.

Eastern Bankshares Trading Down 0.4%

Shares of NASDAQ:EBC opened at $17.93 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The company's 50-day moving average price is $16.50 and its two-hundred day moving average price is $15.73. The stock has a market capitalization of $3.79 billion, a PE ratio of -57.84 and a beta of 0.95. Eastern Bankshares has a one year low of $13.51 and a one year high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.03. The company had revenue of $249.10 million during the quarter, compared to analysts' expectations of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. On average, equities analysts forecast that Eastern Bankshares will post 1.49 EPS for the current fiscal year.

Insider Activity

In other news, President Quincy Lee Miller purchased 13,706 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The shares were acquired at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the acquisition, the president owned 13,706 shares in the company, valued at $233,961.42. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of Eastern Bankshares

A number of hedge funds and other institutional investors have recently bought and sold shares of EBC. GAMMA Investing LLC boosted its stake in shares of Eastern Bankshares by 92.1% in the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after purchasing an additional 870 shares in the last quarter. Assetmark Inc. increased its stake in shares of Eastern Bankshares by 8,112.5% in the 2nd quarter. Assetmark Inc. now owns 1,971 shares of the company's stock worth $30,000 after acquiring an additional 1,947 shares in the last quarter. CWM LLC increased its stake in Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company's stock valued at $44,000 after purchasing an additional 1,360 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Eastern Bankshares in the second quarter worth approximately $102,000. Finally, Strs Ohio bought a new stake in shares of Eastern Bankshares in the first quarter worth approximately $130,000. Institutional investors own 71.68% of the company's stock.

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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