Eastern Bankshares, Inc. (NASDAQ:EBC) CFO Purchases $154,000.00 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) CFO R David Rosato bought 10,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, with a total value of $154,000.00. Following the purchase, the chief financial officer now owns 20,000 shares of the company's stock, valued at $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Eastern Bankshares Price Performance

NASDAQ EBC traded up $0.11 on Monday, reaching $16.38. The company had a trading volume of 603,636 shares, compared to its average volume of 973,397. The firm has a market capitalization of $3.49 billion, a PE ratio of 24.44 and a beta of 0.95. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40. The firm has a 50-day moving average of $17.64 and a 200-day moving average of $17.36.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results 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, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

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Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares's dividend payout ratio is presently 71.64%.

Institutional Investors Weigh In On Eastern Bankshares

Several large investors have recently added to or reduced their stakes in EBC. Vanguard Group Inc. increased its holdings in shares of Eastern Bankshares by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 20,122,356 shares of the company's stock valued at $347,111,000 after purchasing an additional 90,293 shares during the period. FMR LLC increased its holdings in shares of Eastern Bankshares by 1.9% during the fourth quarter. FMR LLC now owns 18,786,337 shares of the company's stock valued at $324,064,000 after purchasing an additional 355,262 shares during the period. State Street Corp increased its holdings in shares of Eastern Bankshares by 20.3% during the third quarter. State Street Corp now owns 6,940,433 shares of the company's stock valued at $113,754,000 after purchasing an additional 1,170,276 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Eastern Bankshares by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,932,470 shares of the company's stock valued at $119,585,000 after purchasing an additional 259,476 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Eastern Bankshares by 23.3% during the fourth quarter. First Trust Advisors LP now owns 5,080,479 shares of the company's stock valued at $87,638,000 after purchasing an additional 960,591 shares during the period. 71.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $22.00 target price (up from $21.00) on shares of Eastern Bankshares in a report on Monday, January 27th.

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.