Dimensional Fund Advisors LP Increases Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Dimensional Fund Advisors LP raised its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 24.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,835,761 shares of the company's stock after purchasing an additional 950,150 shares during the quarter. Dimensional Fund Advisors LP owned 2.74% of Eastern Bankshares worth $67,599,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Arizona State Retirement System boosted 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 buying an additional 814 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Eastern Bankshares by 6.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company's stock worth $538,000 after purchasing an additional 2,173 shares during the period. ProShare Advisors LLC raised its position in Eastern Bankshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 27,866 shares of the company's stock worth $384,000 after purchasing an additional 2,193 shares during the period. Rhumbline Advisers boosted its position in shares of Eastern Bankshares by 0.9% during the second quarter. Rhumbline Advisers now owns 257,492 shares of the company's stock valued at $3,600,000 after buying an additional 2,320 shares during the period. Finally, Sachetta LLC bought a new position in shares of Eastern Bankshares during the second quarter valued at approximately $35,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ:EBC remained flat at $16.11 on Friday. 551,840 shares of the stock traded hands, compared to its average volume of 1,017,927. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a fifty day moving average price of $16.09 and a 200 day moving average price of $14.42. Eastern Bankshares, Inc. has a 1-year low of $10.65 and a 1-year high of $17.26. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 5.65 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued 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 net margin of 48.38% and a return on equity of 5.06%. The company had revenue of $232.72 million for 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. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.11 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $19.00 price target (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 increased their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Insiders Place Their Bets

In other news, President Quincy Lee Miller sold 12,676 shares of the firm's stock in a transaction dated Wednesday, September 4th. The stock was 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 SEC, which can be accessed through the SEC website. Insiders own 1.15% of the company's stock.

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.