ExodusPoint Capital Management LP Acquires 281,212 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

ExodusPoint Capital Management LP grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 62.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 730,493 shares of the company's stock after purchasing an additional 281,212 shares during the period. ExodusPoint Capital Management LP owned about 0.34% of Eastern Bankshares worth $12,601,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Enterprise Bank & Trust Co grew its holdings in Eastern Bankshares by 3.4% during the fourth quarter. Enterprise Bank & Trust Co now owns 24,234 shares of the company's stock worth $418,000 after purchasing an additional 800 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of 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 acquiring an additional 1,010 shares during the period. Xponance Inc. raised its stake in Eastern Bankshares by 9.6% in the 4th quarter. Xponance Inc. now owns 13,778 shares of the company's stock valued at $238,000 after acquiring an additional 1,203 shares during the period. Diversified Trust Co raised its stake in Eastern Bankshares by 6.5% in the 4th quarter. Diversified Trust Co now owns 20,971 shares of the company's stock valued at $362,000 after acquiring an additional 1,272 shares during the period. Finally, 1620 Investment Advisors Inc. acquired a new stake in Eastern Bankshares during the 4th quarter valued at $33,000. Institutional investors own 71.68% of the company's stock.

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Insider Buying and Selling

In related news, CFO R David Rosato purchased 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price 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 of the company's stock, valued at $308,000. This represents a 100.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock traded up $0.93 during midday trading on Wednesday, hitting $15.20. 2,039,651 shares of the company traded hands, compared to its average volume of 1,055,444. The firm's fifty day moving average price is $16.97 and its 200-day moving average price is $17.26. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 22.69 and a beta of 0.96. Eastern Bankshares, Inc. has a 12 month low of $12.22 and a 12 month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. Equities research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares's payout ratio is 71.64%.

Eastern Bankshares 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.