Eastern Bankshares, Inc. (NASDAQ:EBC) Short Interest Up 19.5% in February

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 5,200,000 shares, a growth of 19.5% from the February 13th total of 4,350,000 shares. Currently, 2.5% of the company's shares are short sold. Based on an average trading volume of 1,000,000 shares, the short-interest ratio is presently 5.2 days.

Eastern Bankshares Trading Up 0.9 %

Shares of EBC traded up $0.14 during midday trading on Friday, hitting $16.59. 6,650,532 shares of the company's stock traded hands, compared to its average volume of 996,399. The firm's fifty day moving average is $17.58 and its 200-day moving average is $17.34. Eastern Bankshares has a 1 year low of $12.22 and a 1 year high of $19.40. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 24.76 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 earnings per share (EPS) for the quarter, topping 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%. On average, equities research analysts anticipate that Eastern Bankshares will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The company 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 was Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.89%. Eastern Bankshares's dividend payout ratio (DPR) is currently 71.64%.

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Analysts Set New Price Targets

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

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of Eastern Bankshares stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This represents a 100.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.15% of the company's stock.

Hedge Funds Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently modified their holdings of EBC. Nomura Asset Management Co. Ltd. grew its holdings in Eastern Bankshares by 127.8% in the third 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 during the period. 1620 Investment Advisors Inc. acquired a new stake in Eastern Bankshares in the 4th quarter valued at $33,000. RPg Family Wealth Advisory LLC purchased a new stake in Eastern Bankshares in the 3rd quarter worth $41,000. Sterling Capital Management LLC raised its position in shares of Eastern Bankshares by 836.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock worth $107,000 after purchasing an additional 5,555 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Eastern Bankshares by 21.1% in the 3rd quarter. Amalgamated Bank now owns 6,595 shares of the company's stock valued at $108,000 after buying an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.

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.