Point72 Asset Management L.P. Buys New Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Point72 Asset Management L.P. 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 filing with the SEC. The fund bought 136,468 shares of the company's stock, valued at approximately $2,237,000. Point72 Asset Management L.P. owned 0.06% of Eastern Bankshares as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EBC. V Square Quantitative Management LLC purchased a new stake in Eastern Bankshares during the third quarter worth approximately $25,000. PFS Partners LLC purchased a new stake in Eastern Bankshares during the 3rd quarter worth $32,000. Sachetta LLC acquired a new stake in Eastern Bankshares in the 2nd quarter valued at $35,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Eastern Bankshares in the third quarter worth about $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Eastern Bankshares by 1,155.9% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock valued at $72,000 after buying an additional 3,988 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective on shares of Eastern Bankshares from $19.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th.

Eastern Bankshares Trading Up 0.8 %

NASDAQ:EBC traded up $0.15 on Tuesday, reaching $18.05. The stock had a trading volume of 237,113 shares, compared to its average volume of 991,564. The company has a 50-day moving average of $17.47 and a 200 day moving average of $15.93. The stock has a market cap of $3.87 billion, a P/E ratio of 7.72 and a beta of 0.92. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08). The business had revenue of $299.55 million for the quarter, compared to analysts' expectations of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, equities analysts predict that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently disclosed 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. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares's payout ratio is currently 20.69%.

Insider Activity at Eastern Bankshares

In related news, Director Deborah C. Jackson sold 5,713 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total value of $106,033.28. Following the sale, the director now owns 67,284 shares of the company's stock, valued at $1,248,791.04. This trade represents a 7.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.15% of the company's stock.

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.