Wellington Management Group LLP trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,756,067 shares of the company's stock after selling 312,770 shares during the period. Wellington Management Group LLP owned 0.82% of Eastern Bankshares worth $30,292,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in EBC. Vanguard Group Inc. raised its stake in Eastern Bankshares by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 20,122,356 shares of the company's stock valued at $347,111,000 after acquiring an additional 90,293 shares during the period. State Street Corp raised its position in shares of Eastern Bankshares by 20.3% in the third quarter. State Street Corp now owns 6,940,433 shares of the company's stock valued at $113,754,000 after purchasing an additional 1,170,276 shares during the period. Geode Capital Management LLC lifted its stake in shares of Eastern Bankshares by 23.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company's stock worth $75,203,000 after buying an additional 859,136 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Eastern Bankshares by 1.5% during the 4th quarter. Jennison Associates LLC now owns 4,028,897 shares of the company's stock worth $69,498,000 after buying an additional 59,339 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Eastern Bankshares by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 2,505,539 shares of the company's stock worth $43,221,000 after buying an additional 60,746 shares during the period. 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.
Read Our Latest Stock Report on Eastern Bankshares
Eastern Bankshares Price Performance
EBC traded down $0.01 during trading on Friday, hitting $14.26. The stock had a trading volume of 1,375,692 shares, compared to its average volume of 1,058,848. The company has a 50 day moving average price of $16.80 and a 200-day moving average price of $17.24. Eastern Bankshares, Inc. has a one year low of $12.22 and a one year high of $19.40. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 21.28 and a beta of 0.96.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. As a group, sell-side analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.
Eastern Bankshares Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.37%. Eastern Bankshares's payout ratio is presently 71.64%.
Insider Transactions at Eastern Bankshares
In related news, CFO R David Rosato bought 10,000 shares of Eastern Bankshares stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, with a total value of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.15% of the company's stock.
About Eastern Bankshares
(
Free Report)
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.
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