101,923 Shares in Eastern Bankshares, Inc. (NASDAQ:EBC) Purchased by Northeast Investment Management

Northeast Investment Management purchased a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 101,923 shares of the company's stock, valued at approximately $1,671,000.

A number of other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in Eastern Bankshares during the third quarter valued at approximately $25,000. Sachetta LLC acquired a new position in Eastern Bankshares in the 2nd quarter worth about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock worth $72,000 after purchasing an additional 3,988 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Eastern Bankshares in the second quarter valued at approximately $85,000. Finally, Signaturefd LLC raised its stake in shares of Eastern Bankshares by 18.3% during the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company's stock worth $85,000 after buying an additional 802 shares during the period. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Trading Up 0.1 %

Shares of NASDAQ EBC traded up $0.02 during mid-day trading on Monday, reaching $16.34. 727,787 shares of the company's stock were exchanged, compared to its average volume of 1,003,087. The company's 50-day moving average is $16.50 and its 200-day moving average is $15.04. Eastern Bankshares, Inc. has a 52-week low of $11.24 and a 52-week high of $17.49. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 6.94 and a beta of 0.88.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results 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). The firm had revenue of $299.55 million during the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.76%. During the same period in the prior year, the firm earned $0.32 earnings per share. Analysts expect that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be issued a $0.12 dividend. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 2.94%. Eastern Bankshares's dividend payout ratio (DPR) is 18.97%.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the business's stock in a transaction that occurred 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 accessible through the SEC website. 1.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.