Jane Street Group LLC trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 47.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,778 shares of the company's stock after selling 181,358 shares during the quarter. Jane Street Group LLC owned about 0.09% of Eastern Bankshares worth $3,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently bought and sold shares of EBC. Swiss National Bank boosted its holdings in Eastern Bankshares by 21.0% in the third quarter. Swiss National Bank now owns 378,564 shares of the company's stock worth $6,205,000 after acquiring an additional 65,764 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Eastern Bankshares in the 3rd quarter worth about $1,943,000. Jennison Associates LLC boosted its stake in Eastern Bankshares by 13.4% in the 3rd quarter. Jennison Associates LLC now owns 3,969,558 shares of the company's stock worth $65,061,000 after purchasing an additional 467,663 shares in the last quarter. State Street Corp grew its position in Eastern Bankshares by 20.3% during the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company's stock valued at $113,754,000 after purchasing an additional 1,170,276 shares during the last quarter. Finally, Impax Asset Management Group plc increased its stake in Eastern Bankshares by 8.7% during the 3rd quarter. Impax Asset Management Group plc now owns 815,540 shares of the company's stock valued at $13,367,000 after purchasing an additional 65,540 shares in the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.
Eastern Bankshares Price Performance
Shares of EBC traded up $0.47 on Friday, reaching $17.26. The company's stock had a trading volume of 2,979,291 shares, compared to its average volume of 1,006,065. The stock's 50 day simple moving average is $17.74 and its two-hundred day simple moving average is $16.16. The stock has a market capitalization of $3.71 billion, a P/E ratio of 7.44 and a beta of 0.92. 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 announced its earnings results 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 during the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same period in the prior year, the business posted $0.32 earnings per share. Analysts expect that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.
Eastern Bankshares Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.78%. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Tuesday, December 3rd. Eastern Bankshares's dividend payout ratio (DPR) is presently 20.69%.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods increased their target price on Eastern Bankshares from $19.00 to $21.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th.
Check Out Our Latest Report on EBC
Insider Activity at Eastern Bankshares
In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the transaction, the director now directly owns 67,284 shares in the company, valued at $1,248,791.04. This represents a 7.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.15% of the stock is owned by corporate insiders.
About Eastern Bankshares
(
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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