Caxton Associates LP Purchases New Shares in Eastern Bankshares, Inc. (NASDAQ:EBC)

Caxton Associates LP bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 84,699 shares of the company's stock, valued at approximately $1,184,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its stake in Eastern Bankshares by 1.9% during the second quarter. Arizona State Retirement System now owns 44,452 shares of the company's stock worth $621,000 after purchasing an additional 814 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Eastern Bankshares by 6.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company's stock valued at $538,000 after acquiring an additional 2,173 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Eastern Bankshares by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 27,866 shares of the company's stock valued at $384,000 after acquiring an additional 2,193 shares in the last quarter. Rhumbline Advisers grew its position in Eastern Bankshares by 0.9% during the 2nd quarter. Rhumbline Advisers now owns 257,492 shares of the company's stock worth $3,600,000 after acquiring an additional 2,320 shares during the last quarter. Finally, Sachetta LLC acquired a new position in Eastern Bankshares in the 2nd quarter worth about $35,000. 71.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, President Quincy Lee Miller sold 12,676 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Eastern Bankshares Stock Up 1.0 %

Shares of EBC traded up $0.16 on Thursday, reaching $16.11. The company's stock had a trading volume of 817,874 shares, compared to its average volume of 1,020,434. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26. The stock has a market capitalization of $3.47 billion, a PE ratio of 5.60 and a beta of 0.89. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average of $16.10 and a 200-day moving average of $14.39.

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 for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $157.45 million. During the same quarter in the prior year, the company earned $0.28 EPS. Equities analysts predict that Eastern Bankshares, Inc. will post 1.11 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares's payout ratio is 15.44%.

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.