Intech Investment Management LLC Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Intech Investment Management LLC bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 31,855 shares of the company's stock, valued at approximately $522,000.

Other large investors have also recently made changes to their positions in the company. Swiss National Bank boosted its holdings in shares of Eastern Bankshares by 21.0% in the third quarter. Swiss National Bank now owns 378,564 shares of the company's stock valued at $6,205,000 after acquiring an additional 65,764 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in Eastern Bankshares during the 3rd quarter worth $1,943,000. Jennison Associates LLC increased its stake in Eastern Bankshares by 13.4% in the third quarter. Jennison Associates LLC now owns 3,969,558 shares of the company's stock valued at $65,061,000 after purchasing an additional 467,663 shares during the period. Impax Asset Management Group plc boosted its stake in shares of Eastern Bankshares by 8.7% during the third quarter. Impax Asset Management Group plc now owns 815,540 shares of the company's stock worth $13,367,000 after buying an additional 65,540 shares during the period. Finally, Eastern Bank acquired a new position in Eastern Bankshares in the 3rd quarter valued at about $23,849,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Stock Performance

EBC traded down $0.07 during trading on Monday, reaching $18.57. The company's stock had a trading volume of 771,655 shares, compared to its average volume of 1,001,575. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 8.02 and a beta of 0.89. The company's fifty day moving average price is $17.24 and its 200-day moving average price is $15.76. Eastern Bankshares, Inc. has a 52-week low of $12.22 and a 52-week high of $19.40.

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

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.12 per share. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.58%. Eastern Bankshares's payout ratio is 20.69%.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.15% of the company's stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. upgraded Eastern Bankshares from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

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.