Cibc World Markets Corp Purchases Shares of 18,060 Eastern Bankshares, Inc. (NASDAQ:EBC)

Cibc World Markets Corp bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 18,060 shares of the company's stock, valued at approximately $312,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its position in shares of Eastern Bankshares by 127.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company's stock valued at $30,000 after purchasing an additional 1,010 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new stake in Eastern Bankshares during the third quarter worth approximately $41,000. KBC Group NV grew its position in Eastern Bankshares by 69.5% in the fourth quarter. KBC Group NV now owns 9,246 shares of the company's stock worth $159,000 after buying an additional 3,791 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in shares of Eastern Bankshares in the third quarter valued at $180,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Eastern Bankshares during the 3rd quarter valued at $220,000. 71.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Eastern Bankshares news, CFO R David Rosato bought 10,000 shares of Eastern Bankshares stock in a transaction on Tuesday, March 11th. The stock was purchased at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the purchase, the chief financial officer now directly owns 20,000 shares of the company's stock, valued at $308,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is owned by corporate insiders.

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Eastern Bankshares Trading Down 2.6 %

Shares of EBC traded down $0.43 during midday trading on Friday, hitting $16.32. The stock had a trading volume of 985,370 shares, compared to its average volume of 1,034,362. 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 simple moving average of $17.54 and a two-hundred day simple moving average of $17.35. The firm has a market cap of $3.48 billion, a P/E ratio of 24.36 and a beta of 0.95.

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

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.94%. Eastern Bankshares's dividend payout ratio is 71.64%.

Analyst Upgrades and Downgrades

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

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.