Norges Bank bought a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,156,313 shares of the company's stock, valued at approximately $37,196,000. Norges Bank owned 1.00% of Eastern Bankshares at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of EBC. State Street Corp boosted its position in shares of Eastern Bankshares by 20.3% during the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company's stock valued at $113,754,000 after acquiring an additional 1,170,276 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Eastern Bankshares by 23.0% during the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company's stock worth $75,203,000 after buying an additional 859,136 shares during the last quarter. Barclays PLC raised its stake in shares of Eastern Bankshares by 284.1% during the third quarter. Barclays PLC now owns 617,306 shares of the company's stock worth $10,118,000 after buying an additional 456,586 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eastern Bankshares by 14.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,815,393 shares of the company's stock worth $31,316,000 after buying an additional 223,681 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new stake in shares of Eastern Bankshares during the third quarter worth approximately $3,404,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CFO R David Rosato acquired 10,000 shares of Eastern Bankshares stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the purchase, the chief financial officer now directly owns 20,000 shares of the company's stock, valued at approximately $308,000. This represents a 100.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.15% of the company's stock.
Eastern Bankshares Stock Down 4.7 %
EBC traded down $0.72 during trading hours on Thursday, hitting $14.48. 154,536 shares of the company's stock were exchanged, compared to its average volume of 1,169,890. The stock's 50-day moving average is $16.97 and its two-hundred day moving average is $17.26. Eastern Bankshares, Inc. has a 1-year low of $12.22 and a 1-year high of $19.40. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 21.61 and a beta of 0.96.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.
Eastern Bankshares Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares's dividend payout ratio is 71.64%.
Analyst Ratings Changes
Separately, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $22.00 target price (up previously from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.
Get Our Latest Analysis on Eastern Bankshares
Eastern Bankshares Company 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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