Renaissance Technologies LLC Reduces Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Renaissance Technologies LLC decreased its position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 50.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 205,500 shares of the company's stock after selling 210,400 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of Eastern Bankshares worth $2,873,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sachetta LLC purchased a new stake in shares of Eastern Bankshares during the second quarter worth $35,000. Innealta Capital LLC purchased a new stake in Eastern Bankshares during the second quarter valued at about $85,000. SG Americas Securities LLC bought a new position in Eastern Bankshares during the 1st quarter worth approximately $126,000. Tortoise Investment Management LLC bought a new position in shares of Eastern Bankshares in the fourth quarter worth approximately $134,000. Finally, Cetera Advisors LLC purchased a new position in shares of Eastern Bankshares in the first quarter valued at about $182,000. Institutional investors own 71.68% of the company's stock.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.15% of the company's stock.

Analysts Set New Price Targets

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

Eastern Bankshares Trading Down 3.4 %

Shares of NASDAQ EBC traded down $0.56 during trading hours on Tuesday, hitting $15.83. 1,050,821 shares of the company traded hands, compared to its average volume of 1,016,257. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $17.26. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 5.55 and a beta of 0.89. The company's 50 day moving average price is $16.08 and its 200 day moving average price is $14.48.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, July 25th. The company reported $0.22 EPS for the quarter, hitting analysts' consensus estimates of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The business had revenue of $232.72 million during the quarter, compared to the consensus estimate of $157.45 million. During the same period in the previous year, the company posted $0.28 earnings per share. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed 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. This represents a $0.44 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, September 3rd. Eastern Bankshares's dividend payout ratio is presently 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.