Eastern Bankshares, Inc. (NASDAQ:EBC) Position Trimmed by American Century Companies Inc.

American Century Companies Inc. reduced its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 37.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 329,768 shares of the company's stock after selling 199,445 shares during the quarter. American Century Companies Inc. owned about 0.15% of Eastern Bankshares worth $5,688,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of EBC. State Street Corp increased its stake in shares of Eastern Bankshares by 20.3% during the third quarter. State Street Corp now owns 6,940,433 shares of the company's stock worth $113,754,000 after acquiring an additional 1,170,276 shares during the period. Geode Capital Management LLC raised its position in shares of Eastern Bankshares by 23.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company's stock worth $75,203,000 after purchasing an additional 859,136 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Eastern Bankshares by 1.5% in the fourth quarter. Jennison Associates LLC now owns 4,028,897 shares of the company's stock worth $69,498,000 after acquiring an additional 59,339 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in Eastern Bankshares by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 2,505,539 shares of the company's stock valued at $43,221,000 after purchasing an additional 60,746 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Eastern Bankshares by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,020,834 shares of the company's stock worth $34,859,000 after acquiring an additional 20,792 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

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Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $22.00 price objective (up previously from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Eastern Bankshares Trading Up 6.5 %

EBC traded up $0.93 during trading on Wednesday, hitting $15.20. 2,039,651 shares of the company's stock were exchanged, compared to its average volume of 1,055,444. The stock has a 50 day moving average price of $16.97 and a 200 day moving average price of $17.26. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40. The firm has a market cap of $3.25 billion, a P/E ratio of 22.69 and a beta of 0.96.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. Analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Monday, March 3rd. Eastern Bankshares's payout ratio is currently 71.64%.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average cost of $15.40 per share, with a total value of $154,000.00. Following 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.15% of the company's stock.

Eastern Bankshares Company 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.