Boston Family Office LLC Invests $468,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

Boston Family Office LLC bought a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 28,581 shares of the company's stock, valued at approximately $468,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Eastern Bankshares by 24.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company's stock worth $67,599,000 after acquiring an additional 950,150 shares during the last quarter. Jennison Associates LLC raised its position in shares of Eastern Bankshares by 13.4% in the 3rd 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 in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Eastern Bankshares by 11.8% during the 1st quarter. Janus Henderson Group PLC now owns 3,795,493 shares of the company's stock valued at $52,300,000 after buying an additional 401,027 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Eastern Bankshares by 12.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,339,389 shares of the company's stock valued at $38,343,000 after buying an additional 260,361 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Eastern Bankshares by 19.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,000,042 shares of the company's stock worth $32,781,000 after buying an additional 329,133 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

Shares of EBC stock traded down $0.27 on Tuesday, hitting $18.76. 699,333 shares of the stock traded hands, compared to its average volume of 1,006,550. The company's fifty day moving average is $17.13 and its 200 day moving average is $15.66. Eastern Bankshares, Inc. has a 1-year low of $11.86 and a 1-year high of $19.40. The company has a market capitalization of $4.03 billion, a PE ratio of 8.09 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.08). The business had revenue of $299.55 million during the quarter, compared to the consensus estimate 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 business posted $0.32 earnings per share. As a group, equities research analysts expect that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.56%. This is a boost from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares's dividend payout ratio (DPR) is presently 18.97%.

Wall Street Analyst Weigh In

EBC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $19.00 price objective (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.15% of the stock is currently owned by insiders.

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.