JPMorgan Chase & Co. Has $31.32 Million Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

JPMorgan Chase & Co. raised its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 14.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,815,393 shares of the company's stock after purchasing an additional 223,681 shares during the period. JPMorgan Chase & Co. owned 0.85% of Eastern Bankshares worth $31,316,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. State Street Corp grew its holdings in Eastern Bankshares by 20.3% in the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company's stock valued at $113,754,000 after buying an additional 1,170,276 shares in the last quarter. Geode Capital Management LLC increased its position in Eastern Bankshares by 23.0% during the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company's stock worth $75,203,000 after acquiring an additional 859,136 shares during the period. Barclays PLC increased its position in Eastern Bankshares by 284.1% during the third quarter. Barclays PLC now owns 617,306 shares of the company's stock worth $10,118,000 after acquiring an additional 456,586 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in Eastern Bankshares in the 3rd quarter valued at about $3,404,000. Finally, Congress Wealth Management LLC DE grew its position in shares of Eastern Bankshares by 293.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 196,500 shares of the company's stock worth $3,390,000 after purchasing an additional 146,500 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

Remove Ads

Eastern Bankshares Price Performance

EBC traded down $0.01 on Friday, hitting $14.26. 1,375,692 shares of the stock were exchanged, compared to its average volume of 1,058,848. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 21.28 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. The business has a 50-day moving average of $16.80 and a two-hundred day moving average of $17.24.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping 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 research analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares's payout ratio is 71.64%.

Insider Buying and Selling at Eastern Bankshares

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

Wall Street Analyst Weigh In

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

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.