Congress Wealth Management LLC DE Acquires 146,500 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Congress Wealth Management LLC DE boosted its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 293.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 196,500 shares of the company's stock after buying an additional 146,500 shares during the quarter. Congress Wealth Management LLC DE owned approximately 0.09% of Eastern Bankshares worth $3,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. lifted its position in shares of Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company's stock worth $30,000 after acquiring an additional 1,010 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Eastern Bankshares during the 4th quarter worth about $33,000. RPg Family Wealth Advisory LLC bought a new position in Eastern Bankshares in the 3rd quarter worth about $41,000. KBC Group NV boosted its stake in Eastern Bankshares by 69.5% in the 4th quarter. KBC Group NV now owns 9,246 shares of the company's stock worth $159,000 after purchasing an additional 3,791 shares during the period. Finally, Whittier Trust Co. purchased a new position in Eastern Bankshares during the 4th quarter valued at about $172,000. 71.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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Eastern Bankshares Trading Up 0.5 %

Shares of Eastern Bankshares stock traded up $0.08 during trading on Monday, hitting $16.40. The stock had a trading volume of 1,082,172 shares, compared to its average volume of 1,035,411. Eastern Bankshares, Inc. has a 12 month low of $12.22 and a 12 month high of $19.40. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 24.48 and a beta of 0.95. The business's 50-day moving average is $17.49 and its 200 day moving average is $17.37.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share for the quarter, topping 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, equities analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

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

Insider Buying and Selling at Eastern Bankshares

In other news, CFO R David Rosato purchased 10,000 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the purchase, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $308,000. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.15% of the stock is currently owned by company 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.