Victory Capital Management Inc. Decreases Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Victory Capital Management Inc. decreased its stake in Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 71.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,185 shares of the company's stock after selling 84,289 shares during the quarter. Victory Capital Management Inc.'s holdings in Eastern Bankshares were worth $572,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Atria Investments Inc increased its position in shares of Eastern Bankshares by 20.3% during the third quarter. Atria Investments Inc now owns 21,499 shares of the company's stock worth $352,000 after purchasing an additional 3,634 shares in the last quarter. Swiss National Bank grew its holdings in shares of Eastern Bankshares by 21.0% during the third quarter. Swiss National Bank now owns 378,564 shares of the company's stock worth $6,205,000 after buying an additional 65,764 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Eastern Bankshares in the third quarter valued at about $522,000. Massachusetts Financial Services Co. MA raised its position in shares of Eastern Bankshares by 12.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,339,389 shares of the company's stock valued at $38,343,000 after buying an additional 260,361 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted 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. Hedge funds and other institutional investors own 71.68% of the company's stock.

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Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reissued 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.

Insider Transactions at Eastern Bankshares

In related news, CFO R David Rosato acquired 10,000 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average price of $15.40 per share, for a total transaction 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 represents a 100.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.15% of the company's stock.

Eastern Bankshares Stock Down 1.1 %

NASDAQ EBC traded down $0.18 on Tuesday, reaching $16.76. The stock had a trading volume of 827,306 shares, compared to its average volume of 996,717. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40. The stock has a fifty day moving average price of $17.58 and a two-hundred day moving average price of $17.35. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 25.01 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, beating 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%. Sell-side analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.86%. Eastern Bankshares's dividend payout ratio (DPR) is 71.64%.

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.