Intech Investment Management LLC Buys 48,456 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Intech Investment Management LLC increased its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 152.1% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 80,311 shares of the company's stock after buying an additional 48,456 shares during the quarter. Intech Investment Management LLC's holdings in Eastern Bankshares were worth $1,385,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Atria Investments Inc lifted its stake in Eastern Bankshares by 20.3% in the third quarter. Atria Investments Inc now owns 21,499 shares of the company's stock valued at $352,000 after purchasing an additional 3,634 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Eastern Bankshares by 283.2% in the third quarter. Victory Capital Management Inc. now owns 117,474 shares of the company's stock valued at $1,925,000 after buying an additional 86,819 shares during the period. Swiss National Bank lifted its position in shares of Eastern Bankshares by 21.0% during the 3rd quarter. Swiss National Bank now owns 378,564 shares of the company's stock valued at $6,205,000 after buying an additional 65,764 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Eastern Bankshares by 12.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,339,389 shares of the company's stock valued at $38,343,000 after buying an additional 260,361 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Eastern Bankshares by 19.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,000,042 shares of the company's stock worth $32,781,000 after acquiring an additional 329,133 shares during the period. Institutional investors own 71.68% of the company's stock.

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Insider Activity

In other news, CFO R David Rosato purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This trade represents a 100.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.15% of the stock is owned by company insiders.

Eastern Bankshares Price Performance

Eastern Bankshares stock remained flat at $16.76 during mid-day trading on Wednesday. 700,180 shares of the company were exchanged, compared to its average volume of 1,146,035. The firm has a market cap of $3.57 billion, a P/E ratio of 25.01 and a beta of 0.95. The stock has a 50-day moving average of $17.57 and a two-hundred day moving average of $17.36. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40.

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

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date was Monday, March 3rd. Eastern Bankshares's payout ratio is 71.64%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $22.00 price objective (up from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

About Eastern Bankshares

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.