Single Point Partners LLC Reduces Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Single Point Partners LLC lessened its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 28.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 104,067 shares of the company's stock after selling 41,334 shares during the quarter. Eastern Bankshares comprises 2.6% of Single Point Partners LLC's investment portfolio, making the stock its 9th biggest holding. Single Point Partners LLC owned about 0.06% of Eastern Bankshares worth $1,706,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in EBC. Sachetta LLC purchased a new position in shares of Eastern Bankshares in the 2nd quarter valued at approximately $35,000. Innealta Capital LLC purchased a new position in Eastern Bankshares in the 2nd quarter valued at $85,000. SG Americas Securities LLC acquired a new position in Eastern Bankshares in the 3rd quarter valued at $124,000. Tortoise Investment Management LLC purchased a new position in Eastern Bankshares during the 4th quarter worth $134,000. Finally, Profund Advisors LLC acquired a new stake in shares of Eastern Bankshares in the 2nd quarter worth $150,000. Institutional investors and hedge funds own 71.68% of the company's stock.

Eastern Bankshares Trading Up 1.2 %

Eastern Bankshares stock traded up $0.19 during midday trading on Friday, reaching $16.19. The stock had a trading volume of 772,182 shares, compared to its average volume of 1,011,888. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26. The stock's 50-day simple moving average is $16.07 and its 200 day simple moving average is $14.50. The stock has a market capitalization of $2.86 billion, a PE ratio of 5.68 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84.

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, 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 business had revenue of $232.72 million during the quarter, compared to analyst estimates of $157.45 million. During the same period last year, the company posted $0.28 EPS. Analysts expect that Eastern Bankshares, Inc. will post 1.11 EPS for the current year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.72%. Eastern Bankshares's dividend payout ratio (DPR) is currently 15.44%.

Insiders Place Their Bets

In related news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction that occurred on 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.15% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.