Sippican Capital Advisors Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Sippican Capital Advisors bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 45,364 shares of the company's stock, valued at approximately $744,000.

Several other large investors have also made changes to their positions in EBC. V Square Quantitative Management LLC acquired a new position in Eastern Bankshares in the third quarter valued at about $25,000. Sachetta LLC bought a new stake in shares of Eastern Bankshares in the 2nd quarter valued at about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock valued at $72,000 after acquiring an additional 3,988 shares during the period. Signaturefd LLC increased 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 purchasing an additional 802 shares in the last quarter. Finally, CWM LLC increased its stake in Eastern Bankshares by 1,383.3% in the third quarter. CWM LLC now owns 5,874 shares of the company's stock valued at $96,000 after purchasing an additional 5,478 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

Analyst Ratings Changes

EBC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $19.00 target price (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Price Performance

NASDAQ:EBC traded down $0.30 during mid-day trading on Thursday, reaching $16.33. The stock had a trading volume of 710,260 shares, compared to its average volume of 1,005,986. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $17.49. The stock has a market capitalization of $3.52 billion, a PE ratio of 7.17 and a beta of 0.89. 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 50-day simple moving average of $16.49 and a two-hundred day simple moving average of $14.97.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The firm had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. During the same period last year, the business earned $0.32 EPS. On average, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. Eastern Bankshares's payout ratio is 20.69%.

Insider Activity

In other news, President Quincy Lee Miller sold 12,676 shares of the 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.15% of the company's stock.

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.