Commonwealth Equity Services LLC Sells 15,590 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Commonwealth Equity Services LLC trimmed its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,364 shares of the company's stock after selling 15,590 shares during the quarter. Commonwealth Equity Services LLC owned about 0.06% of Eastern Bankshares worth $2,197,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Swiss National Bank increased its holdings in shares of Eastern Bankshares by 0.8% in the 4th quarter. Swiss National Bank now owns 381,764 shares of the company's stock worth $6,585,000 after buying an additional 3,200 shares during the last quarter. HighTower Advisors LLC grew its position in Eastern Bankshares by 57.5% in the fourth quarter. HighTower Advisors LLC now owns 59,206 shares of the company's stock worth $1,021,000 after acquiring an additional 21,621 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Eastern Bankshares by 20.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,717 shares of the company's stock valued at $858,000 after acquiring an additional 8,506 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Eastern Bankshares during the fourth quarter valued at about $311,000. Finally, Proficio Capital Partners LLC bought a new stake in Eastern Bankshares during the fourth quarter worth about $277,000. 71.68% of the stock is currently owned by institutional investors.

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Insider Activity

In other news, CFO R David Rosato acquired 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average cost of $15.40 per share, with a total value of $154,000.00. Following the completion of the purchase, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. The trade was a 100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.15% of the company's stock.

Wall Street Analysts Forecast Growth

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

Eastern Bankshares Stock Performance

NASDAQ:EBC traded up $0.08 during trading hours on Monday, reaching $16.40. The company's stock had a trading volume of 1,082,172 shares, compared to its average volume of 1,035,410. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 24.48 and a beta of 0.95. The firm has a 50-day simple moving average of $17.49 and a 200-day simple moving average of $17.37. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data 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 return on equity of 6.02% and a net margin of 11.07%. Equities analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 annualized dividend and a yield of 2.93%. Eastern Bankshares's payout ratio is currently 71.64%.

About Eastern Bankshares

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.