Bank of New York Mellon Corp Has $21.72 Million Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Bank of New York Mellon Corp grew its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 12.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,259,223 shares of the company's stock after buying an additional 142,999 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Eastern Bankshares worth $21,722,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in EBC. Nomura Asset Management Co. Ltd. raised its position in Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company's stock valued at $30,000 after acquiring an additional 1,010 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in Eastern Bankshares during the third quarter valued at approximately $41,000. Amalgamated Bank raised its position in Eastern Bankshares by 21.1% during the third quarter. Amalgamated Bank now owns 6,595 shares of the company's stock valued at $108,000 after acquiring an additional 1,150 shares in the last quarter. KBC Group NV raised its position in Eastern Bankshares by 69.5% during the fourth quarter. KBC Group NV now owns 9,246 shares of the company's stock valued at $159,000 after acquiring an additional 3,791 shares in the last quarter. Finally, Mascoma Wealth Management LLC bought a new position in Eastern Bankshares during the third quarter valued at approximately $162,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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Insiders Place Their Bets

In related news, CFO R David Rosato bought 10,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the transaction, the chief financial officer now owns 20,000 shares of the company's stock, valued at $308,000. This represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.15% of the company's stock.

Eastern Bankshares Stock Up 3.0 %

EBC traded up $0.48 during trading on Friday, reaching $16.27. 1,330,548 shares of the company's stock were exchanged, compared to its average volume of 1,042,546. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40. The business has a 50 day moving average price of $17.65 and a 200 day moving average price of $17.35. The company has a market capitalization of $3.47 billion, a P/E ratio of 24.28 and a beta of 0.95.

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

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.48 annualized dividend and a yield of 2.95%. Eastern Bankshares's dividend payout ratio is currently 71.64%.

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.