Northstar Asset Management Inc. Lowers Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Northstar Asset Management Inc. lowered its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 6.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 407,712 shares of the company's stock after selling 26,540 shares during the period. Eastern Bankshares makes up about 1.8% of Northstar Asset Management Inc.'s investment portfolio, making the stock its 28th biggest position. Northstar Asset Management Inc. owned approximately 0.19% of Eastern Bankshares worth $7,033,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of EBC. V Square Quantitative Management LLC purchased a new stake in Eastern Bankshares during the third quarter worth $25,000. Nomura Asset Management Co. Ltd. raised its stake 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 worth $30,000 after buying an additional 1,010 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Eastern Bankshares in the 3rd quarter worth about $32,000. RPg Family Wealth Advisory LLC acquired a new stake in Eastern Bankshares in the 3rd quarter valued at about $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock valued at $72,000 after acquiring an additional 3,988 shares during the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Deborah C. Jackson sold 5,713 shares of the firm's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the sale, the director now owns 67,284 shares in the company, valued at $1,248,791.04. This trade represents a 7.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.15% of the company's stock.

Wall Street Analysts Forecast Growth

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

Eastern Bankshares Price Performance

NASDAQ:EBC traded down $0.55 during trading hours on Friday, reaching $17.74. 1,301,841 shares of the company traded hands, compared to its average volume of 967,169. The firm's 50-day moving average is $17.80 and its 200-day moving average is $17.22. The stock has a market cap of $3.81 billion, a P/E ratio of 26.48 and a beta of 0.94. 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 posted its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 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 predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.71%. Eastern Bankshares's dividend payout ratio (DPR) is presently 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.