Tidal Investments LLC Purchases New Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Tidal Investments LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 46,412 shares of the company's stock, valued at approximately $761,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EBC. Bank of New York Mellon Corp increased its holdings in shares of Eastern Bankshares by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,064,969 shares of the company's stock valued at $14,888,000 after purchasing an additional 32,741 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Eastern Bankshares by 6.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company's stock worth $538,000 after acquiring an additional 2,173 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in Eastern Bankshares in the second quarter valued at $1,233,000. Innealta Capital LLC acquired a new position in shares of Eastern Bankshares in the 2nd quarter valued at $85,000. Finally, Stieven Capital Advisors L.P. purchased a new position in shares of Eastern Bankshares during the 2nd quarter worth $6,717,000. Institutional investors and hedge funds own 71.68% of the company's stock.

Eastern Bankshares Trading Up 2.8 %

EBC traded up $0.47 during trading hours on Friday, hitting $17.26. 2,979,291 shares of the company's stock were exchanged, compared to its average volume of 1,006,065. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40. The firm has a 50 day moving average of $17.74 and a 200 day moving average of $16.16. The firm has a market cap of $3.71 billion, a P/E ratio of 7.44 and a beta of 0.92.

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

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Tuesday, December 3rd were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Tuesday, December 3rd. This is an increase from Eastern Bankshares's previous quarterly dividend of $0.11. Eastern Bankshares's dividend payout ratio (DPR) is currently 20.69%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the completion of the sale, the director now directly owns 67,284 shares of the company's stock, valued at $1,248,791.04. This represents a 7.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.15% of the stock is currently owned by corporate 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.