Proficio Capital Partners LLC Purchases Shares of 16,077 Eastern Bankshares, Inc. (NASDAQ:EBC)

Proficio Capital Partners LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,077 shares of the company's stock, valued at approximately $277,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swiss National Bank boosted its holdings in Eastern Bankshares by 21.0% in the third quarter. Swiss National Bank now owns 378,564 shares of the company's stock worth $6,205,000 after acquiring an additional 65,764 shares in the last quarter. Intech Investment Management LLC bought a new position in Eastern Bankshares in the 3rd quarter worth about $522,000. Charles Schwab Investment Management Inc. boosted its stake in Eastern Bankshares by 19.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,000,042 shares of the company's stock worth $32,781,000 after purchasing an additional 329,133 shares in the last quarter. Citigroup Inc. grew its position in Eastern Bankshares by 32.5% during the 3rd quarter. Citigroup Inc. now owns 253,413 shares of the company's stock valued at $4,153,000 after purchasing an additional 62,189 shares during the last quarter. Finally, Kingsview Wealth Management LLC bought a new stake in Eastern Bankshares during the 3rd quarter valued at about $256,000. Hedge funds and other institutional investors own 71.68% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reiterated 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.

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Eastern Bankshares Stock Down 2.6 %

Shares of Eastern Bankshares stock traded down $0.43 on Friday, reaching $16.32. The company's stock had a trading volume of 985,370 shares, compared to its average volume of 1,035,224. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40. The firm's fifty day simple moving average is $17.51 and its two-hundred day simple moving average is $17.37. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 24.36 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. As a group, research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.12 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.94%. Eastern Bankshares's payout ratio is 71.64%.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato acquired 10,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average price of $15.40 per share, with a total value of $154,000.00. Following the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $308,000. The trade was a 100.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.15% of the stock is owned by insiders.

About Eastern Bankshares

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.