Eastern Bankshares, Inc. (NASDAQ:EBC) Holdings Lifted by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. lifted its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 70.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 818,641 shares of the company's stock after buying an additional 338,164 shares during the quarter. Eastern Bankshares makes up 2.5% of Stieven Capital Advisors L.P.'s portfolio, making the stock its 15th biggest position. Stieven Capital Advisors L.P. owned approximately 0.38% of Eastern Bankshares worth $13,418,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. V Square Quantitative Management LLC acquired a new position in Eastern Bankshares during the 3rd quarter valued at approximately $25,000. PFS Partners LLC acquired a new position in shares of Eastern Bankshares during the third quarter valued at $32,000. Sachetta LLC bought a new position in shares of Eastern Bankshares during the second quarter worth about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in shares of Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock worth $72,000 after acquiring an additional 3,988 shares during the period. Finally, Innealta Capital LLC bought a new stake in Eastern Bankshares in the 2nd quarter valued at about $85,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Trading Down 0.6 %

EBC traded down $0.11 on Friday, reaching $18.45. The company had a trading volume of 608,182 shares, compared to its average volume of 1,065,808. The company has a market capitalization of $3.96 billion, a P/E ratio of 7.95 and a beta of 0.89. The company has a fifty day moving average of $16.79 and a 200-day moving average of $15.41. Eastern Bankshares, Inc. has a one year low of $11.86 and a one year high of $19.15.

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

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 3rd. 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 2.60%. Eastern Bankshares's dividend payout ratio is currently 18.97%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EBC. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an "underweight" rating to a "neutral" rating and raised their target price for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the company's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is currently owned by insiders.

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.