Impax Asset Management Group plc Has $13.37 Million Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Impax Asset Management Group plc boosted its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 8.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 815,540 shares of the company's stock after purchasing an additional 65,540 shares during the quarter. Impax Asset Management Group plc owned approximately 0.38% of Eastern Bankshares worth $13,367,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC raised its stake in Eastern Bankshares by 18.3% during the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company's stock valued at $85,000 after acquiring an additional 802 shares in the last quarter. Arizona State Retirement System raised its stake in Eastern Bankshares by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 44,452 shares of the company's stock valued at $621,000 after acquiring an additional 814 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Eastern Bankshares during the 3rd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Eastern Bankshares by 6.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company's stock valued at $538,000 after acquiring an additional 2,173 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in Eastern Bankshares by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 27,866 shares of the company's stock valued at $384,000 after acquiring an additional 2,193 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

Eastern Bankshares Trading Up 13.4 %

Shares of Eastern Bankshares stock traded up $2.22 on Wednesday, reaching $18.79. 3,527,237 shares of the company were exchanged, compared to its average volume of 1,013,902. The stock has a fifty day moving average price of $16.49 and a 200-day moving average price of $15.09. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 8.10 and a beta of 0.89. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a fifty-two week low of $11.24 and a fifty-two week high of $18.80.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share 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 4.76%. The business had revenue of $299.55 million for the quarter, compared to analysts' expectations of $215.92 million. During the same quarter in the prior year, the firm posted $0.32 EPS. On average, analysts expect that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.55%. Eastern Bankshares's payout ratio is currently 18.97%.

Insider Activity

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the business's stock in a transaction dated 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 filing with the SEC, which is accessible through the SEC website. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

EBC has been the topic of a number of research reports. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $19.00 price objective (up previously 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 boosted their target price for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.

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.