Eastern Bank Has $24.10 Million Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Eastern Bank lowered its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,396,823 shares of the company's stock after selling 58,273 shares during the quarter. Eastern Bank owned 0.65% of Eastern Bankshares worth $24,095,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Eastern Bankshares in the third quarter valued at $25,000. Nomura Asset Management Co. Ltd. increased its holdings in 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 purchasing an additional 1,010 shares during the last quarter. PFS Partners LLC acquired a new position in shares of Eastern Bankshares in the 3rd quarter valued at approximately $32,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Eastern Bankshares during the 3rd quarter valued at approximately $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Eastern Bankshares by 1,155.9% during 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. Hedge funds and other institutional investors own 71.68% of the company's stock.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the transaction, the director now owns 67,284 shares of the company's stock, valued at $1,248,791.04. This represents a 7.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their target price on shares of Eastern Bankshares from $19.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th.

Eastern Bankshares Trading Up 0.5 %

NASDAQ EBC traded up $0.09 during trading on Monday, reaching $16.69. 972,055 shares of the company's stock were exchanged, compared to its average volume of 800,594. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40. The company's fifty day simple moving average is $17.89 and its 200-day simple moving average is $16.65. The firm has a market capitalization of $3.58 billion, a PE ratio of 7.19 and a beta of 0.92.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08). The firm had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Equities analysts forecast that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Tuesday, December 3rd were issued a dividend of $0.12 per share. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Tuesday, December 3rd. Eastern Bankshares's dividend payout ratio is currently 20.69%.

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.