Eastern Bank acquired a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,455,096 shares of the company's stock, valued at approximately $23,849,000. Eastern Bank owned about 0.82% of Eastern Bankshares at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Signaturefd LLC boosted its stake in Eastern Bankshares by 18.3% in the third quarter. Signaturefd LLC now owns 5,194 shares of the company's stock valued at $85,000 after acquiring an additional 802 shares during the last quarter. Ledyard National Bank purchased a new position in Eastern Bankshares in the third quarter valued at approximately $187,000. Prio Wealth Limited Partnership bought a new position in Eastern Bankshares during the third quarter valued at $285,000. Vest Financial LLC increased its position in Eastern Bankshares by 3.4% in the third quarter. Vest Financial LLC now owns 88,224 shares of the company's stock worth $1,446,000 after buying an additional 2,868 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in shares of Eastern Bankshares in the third quarter valued at $25,000. Institutional investors own 71.68% of the company's stock.
Insider Buying and Selling
In related news, President Quincy Lee Miller sold 12,676 shares of the company's stock in a transaction on Wednesday, September 4th. The shares were 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 Securities & Exchange Commission, which is available through this link. 1.15% of the stock is owned by corporate insiders.
Eastern Bankshares Price Performance
Shares of NASDAQ:EBC traded up $0.12 during trading on Tuesday, reaching $16.60. The company had a trading volume of 570,494 shares, compared to its average volume of 1,005,522. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $17.49. 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 stock has a market capitalization of $2.93 billion, a P/E ratio of 5.82 and a beta of 0.89. The company has a fifty day moving average of $16.33 and a two-hundred day moving average of $14.80.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The firm had revenue of $232.72 million for the quarter, compared to analyst estimates of $157.45 million. During the same period in the prior year, the company earned $0.28 EPS. Equities research analysts forecast that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current year.
Eastern Bankshares Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 2.65%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares's dividend payout ratio is presently 15.44%.
Analyst Ratings Changes
Several analysts have recently issued reports on EBC shares. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and boosted their price target for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th.
Check Out Our Latest Stock Report on EBC
Eastern Bankshares Profile
(
Free Report)
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.
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