Voya Investment Management LLC Has $7.92 Million Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Voya Investment Management LLC lowered its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 8.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 458,860 shares of the company's stock after selling 41,013 shares during the period. Voya Investment Management LLC owned approximately 0.21% of Eastern Bankshares worth $7,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in EBC. Enterprise Bank & Trust Co grew its stake in shares of Eastern Bankshares by 3.4% in the fourth quarter. Enterprise Bank & Trust Co now owns 24,234 shares of the company's stock valued at $418,000 after buying an additional 800 shares in the last quarter. Xponance Inc. increased its position in shares of 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 purchasing an additional 1,203 shares during the last quarter. Diversified Trust Co raised its holdings in shares of 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 purchasing an additional 1,272 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Eastern Bankshares during 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 buying an additional 2,196 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Transactions at Eastern Bankshares

In related news, CFO R David Rosato purchased 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares of the company's stock, valued at approximately $308,000. This represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Eastern Bankshares Stock Up 0.7 %

Shares of EBC stock traded up $0.11 during mid-day trading on Monday, reaching $15.44. The company's stock had a trading volume of 167,870 shares, compared to its average volume of 1,097,935. The company's 50 day simple moving average is $15.74 and its 200-day simple moving average is $17.09. Eastern Bankshares, Inc. has a 12-month low of $12.66 and a 12-month high of $19.40. The firm has a market capitalization of $3.30 billion, a PE ratio of 23.05 and a beta of 0.97.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results 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. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. The business had revenue of $222.40 million during the quarter, compared to analyst estimates of $226.98 million. 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 business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, June 3rd will be paid a dividend of $0.13 per share. This is a boost from Eastern Bankshares's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, June 3rd. This represents a $0.52 annualized dividend and a yield of 3.37%. Eastern Bankshares's dividend payout ratio (DPR) is presently -80.00%.

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.