Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 14.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 320,137 shares of the company's stock after selling 55,890 shares during the period. Mutual of America Capital Management LLC owned about 0.18% of Eastern Bankshares worth $4,476,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of EBC. Sachetta LLC purchased a new position in Eastern Bankshares in the 2nd quarter worth approximately $35,000. Innealta Capital LLC bought a new stake in Eastern Bankshares during the 2nd quarter valued at $85,000. SG Americas Securities LLC bought a new stake in shares of Eastern Bankshares in the first quarter valued at about $126,000. Tortoise Investment Management LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $134,000. Finally, Cetera Advisors LLC purchased a new stake in Eastern Bankshares during the first quarter worth $182,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EBC shares. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and raised their price target for the company from $14.00 to $18.50 in a report on Tuesday, August 6th. 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 report on Monday, July 29th.

Insider Buying and Selling at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.15% of the stock is owned by corporate insiders.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded down $0.19 during midday trading on Friday, reaching $16.90. 3,559,118 shares of the stock were exchanged, compared to its average volume of 1,026,605. 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 50-day simple moving average of $16.08 and a two-hundred day simple moving average of $14.33. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 5.93 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, meeting analysts' consensus estimates of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The company had revenue of $232.72 million during the quarter, compared to analysts' expectations of $157.45 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.13 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.11 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 2.60%. Eastern Bankshares's dividend payout ratio is currently 15.44%.

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.