Eastern Bankshares (NASDAQ:EBC) Sets New 52-Week High - What's Next?

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $19.15 and last traded at $19.06, with a volume of 60714 shares changing hands. The stock had previously closed at $18.86.

Wall Street Analysts Forecast Growth

EBC has been the subject of several research reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and upped their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Price Performance

The firm has a market capitalization of $4.08 billion, a PE ratio of 8.13 and a beta of 0.89. The stock's 50 day simple moving average is $16.62 and its two-hundred day simple moving average is $15.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.08). The company had revenue of $299.55 million for the quarter, compared to analysts' expectations of $215.92 million. Eastern Bankshares had a return on equity of 4.76% and a net margin of 38.00%. During the same quarter in the previous year, the business posted $0.32 EPS. On average, sell-side analysts forecast that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.12 per share. This is a boost from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. This represents a $0.48 annualized dividend and a yield of 2.54%. Eastern Bankshares's dividend payout ratio (DPR) is 18.97%.

Insider Activity

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.15% of the company's stock.

Institutional Investors Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter worth about $25,000. PFS Partners LLC purchased a new stake in Eastern Bankshares during the third quarter worth approximately $32,000. Sachetta LLC purchased a new position in Eastern Bankshares in the second quarter valued at approximately $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock worth $72,000 after purchasing an additional 3,988 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Eastern Bankshares by 18.3% during the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company's stock worth $85,000 after buying an additional 802 shares during 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.

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