Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $18.56, but opened at $17.77. Eastern Bankshares shares last traded at $18.61, with a volume of 63,286 shares trading hands.
Analyst Ratings Changes
EBC has been the topic of several research analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and set a $19.00 price objective (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. raised Eastern Bankshares from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.
Read Our Latest Stock Analysis on EBC
Eastern Bankshares Price Performance
The stock has a fifty day moving average price of $16.79 and a 200-day moving average price of $15.37. The company has a market cap of $3.96 billion, a PE ratio of 7.95 and a beta of 0.89.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $215.92 million. During the same period in the previous year, the business posted $0.32 EPS. On average, equities analysts anticipate that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.
Eastern Bankshares Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be paid a $0.12 dividend. The ex-dividend date 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 yield of 2.60%. Eastern Bankshares's dividend payout ratio (DPR) is presently 20.69%.
Insider Activity at Eastern Bankshares
In related news, President Quincy Lee Miller sold 12,676 shares of the company's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.15% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Eastern Bankshares
A number of hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. bought a new stake in Eastern Bankshares during the first quarter worth about $3,804,000. Eastern Bank bought a new position in Eastern Bankshares in the 3rd quarter valued at $23,849,000. Creative Planning boosted its stake in Eastern Bankshares by 27.3% in the third quarter. Creative Planning now owns 171,129 shares of the company's stock worth $2,805,000 after purchasing an additional 36,743 shares in the last quarter. Quest Partners LLC boosted its stake in Eastern Bankshares by 63,717.2% in the second quarter. Quest Partners LLC now owns 63,179 shares of the company's stock worth $883,000 after purchasing an additional 63,080 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Eastern Bankshares by 18.7% during the first quarter. Sei Investments Co. now owns 41,330 shares of the company's stock worth $570,000 after purchasing an additional 6,514 shares during the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.
Eastern Bankshares Company Profile
(
Get 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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