Kovitz Investment Group Partners LLC Makes New $3.40 Million Investment in Eastern Bankshares, Inc. (NASDAQ:EBC)

Kovitz Investment Group Partners LLC acquired a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 207,716 shares of the company's stock, valued at approximately $3,404,000. Kovitz Investment Group Partners LLC owned approximately 0.10% of Eastern Bankshares as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter worth approximately $25,000. PFS Partners LLC purchased a new stake in shares of Eastern Bankshares during the third quarter worth $32,000. Sachetta LLC purchased a new position in Eastern Bankshares in the second quarter worth approximately $35,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Eastern Bankshares during the 3rd quarter worth about $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Eastern Bankshares by 1,155.9% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock worth $72,000 after purchasing an additional 3,988 shares during the period. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Price Performance

NASDAQ:EBC traded down $0.27 during mid-day trading on Monday, reaching $17.90. The company's stock had a trading volume of 687,523 shares, compared to its average volume of 994,773. The stock has a market cap of $3.84 billion, a P/E ratio of 7.83 and a beta of 0.92. Eastern Bankshares, Inc. has a twelve month low of $12.22 and a twelve month high of $19.40. The company's fifty day simple moving average is $17.44 and its two-hundred day simple moving average is $15.90.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. The company had revenue of $299.55 million for the quarter, compared to analysts' expectations of $215.92 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. Sell-side analysts expect that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.68%. Eastern Bankshares's payout ratio is 20.69%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price target on Eastern Bankshares from $19.00 to $21.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th.

Insider Activity

In related news, Director Deborah C. Jackson sold 5,713 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the transaction, the director now owns 67,284 shares in the company, valued at $1,248,791.04. This represents a 7.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.15% of the company's stock.

Eastern Bankshares 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.