Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Acquired by State Street Corp

State Street Corp increased its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 20.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,940,433 shares of the company's stock after acquiring an additional 1,170,276 shares during the quarter. State Street Corp owned about 3.23% of Eastern Bankshares worth $113,754,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Systematic Financial Management LP raised its stake in Eastern Bankshares by 595.7% in the 3rd quarter. Systematic Financial Management LP now owns 1,730,639 shares of the company's stock worth $28,365,000 after acquiring an additional 1,481,889 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Eastern Bankshares in the third quarter worth about $2,237,000. HighTower Advisors LLC lifted its holdings in shares of Eastern Bankshares by 123.7% during the third quarter. HighTower Advisors LLC now owns 37,585 shares of the company's stock worth $616,000 after purchasing an additional 20,781 shares during the period. Aureus Asset Management LLC boosted its position in Eastern Bankshares by 659.1% in the third quarter. Aureus Asset Management LLC now owns 81,834 shares of the company's stock valued at $1,341,000 after buying an additional 71,053 shares during the last quarter. Finally, Kitching Partners LLC purchased a new position in Eastern Bankshares during the 3rd quarter worth approximately $322,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Eastern Bankshares Trading Up 3.0 %

EBC traded up $0.54 during midday trading on Monday, hitting $18.49. 1,454,569 shares of the company traded hands, compared to its average volume of 993,763. The business has a 50 day simple moving average of $17.68 and a two-hundred day simple moving average of $16.09. Eastern Bankshares, Inc. has a 52-week low of $12.22 and a 52-week high of $19.40. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 7.97 and a beta of 0.92.

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

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.60%. Eastern Bankshares's dividend payout ratio is 20.69%.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction 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 trade represents a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.15% of the stock is 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.