Eastern Bankshares, Inc. (NASDAQ:EBC) Sees Large Increase in Short Interest

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) saw a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 3,760,000 shares, a growth of 9.6% from the August 31st total of 3,430,000 shares. Based on an average daily trading volume, of 1,290,000 shares, the short-interest ratio is presently 2.9 days.

Eastern Bankshares Stock Down 3.4 %

EBC stock traded down $0.56 during midday trading on Tuesday, hitting $15.83. The company's stock had a trading volume of 1,050,821 shares, compared to its average volume of 1,016,257. Eastern Bankshares has a 52-week low of $10.65 and a 52-week high of $17.26. The firm has a 50-day simple moving average of $16.08 and a 200-day simple moving average of $14.48. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.80 billion, a P/E ratio of 5.55 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.22. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The company had revenue of $232.72 million for the quarter, compared to analyst estimates of $157.45 million. During the same quarter last year, the company earned $0.28 EPS. As a group, equities analysts forecast that Eastern Bankshares will post 1.11 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares's dividend payout ratio is presently 15.44%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $14.00 to $18.50 in a report on Tuesday, August 6th.

Insiders Place Their Bets

In related news, President Quincy Lee Miller sold 12,676 shares of the firm's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of EBC. Sachetta LLC acquired a new stake in Eastern Bankshares in the second quarter valued at $35,000. Innealta Capital LLC acquired a new stake in shares of Eastern Bankshares during the 2nd quarter worth about $85,000. SG Americas Securities LLC purchased a new stake in Eastern Bankshares during the first quarter worth approximately $126,000. Tortoise Investment Management LLC acquired a new position in Eastern Bankshares in the fourth quarter valued at approximately $134,000. Finally, Profund Advisors LLC acquired a new position in Eastern Bankshares in the second quarter valued at approximately $150,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

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.