Raymond James Financial Inc. bought a new position in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,022 shares of the company's stock, valued at approximately $311,000.
Several other hedge funds and other institutional investors have also modified their holdings of EBC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Eastern Bankshares by 3.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 316,583 shares of the company's stock worth $5,189,000 after buying an additional 10,377 shares during the last quarter. Captrust Financial Advisors bought a new position in Eastern Bankshares in the 3rd quarter valued at $305,000. HighTower Advisors LLC boosted its stake in Eastern Bankshares by 123.7% in the third quarter. HighTower Advisors LLC now owns 37,585 shares of the company's stock worth $616,000 after purchasing an additional 20,781 shares in the last quarter. State Street Corp grew 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 worth $113,754,000 after purchasing an additional 1,170,276 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in shares of Eastern Bankshares during the third quarter worth $232,000. Institutional investors own 71.68% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $22.00 price target (up previously from $21.00) on shares of Eastern Bankshares in a research report on Monday, January 27th.
Read Our Latest Report on Eastern Bankshares
Insider Transactions at Eastern Bankshares
In related news, CFO R David Rosato bought 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the transaction, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.15% of the company's stock.
Eastern Bankshares Stock Performance
NASDAQ:EBC traded up $0.32 on Tuesday, hitting $14.78. 49,465 shares of the stock were exchanged, compared to its average volume of 1,056,979. The company's 50-day moving average price is $16.71 and its 200 day moving average price is $17.23. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 22.05 and a beta of 0.96. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates 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, equities research analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.
Eastern Bankshares Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Monday, March 3rd. Eastern Bankshares's dividend payout ratio is presently 71.64%.
About Eastern Bankshares
(
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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