Wellington Management Group LLP Sells 1,025,522 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Wellington Management Group LLP trimmed its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 33.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,068,837 shares of the company's stock after selling 1,025,522 shares during the quarter. Wellington Management Group LLP owned approximately 0.96% of Eastern Bankshares worth $33,908,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in Eastern Bankshares in the third quarter worth $25,000. PFS Partners LLC acquired a new position in Eastern Bankshares during the 3rd quarter valued at about $32,000. Sachetta LLC bought a new position in Eastern Bankshares in the 2nd quarter worth about $35,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Eastern Bankshares in the third quarter valued at approximately $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company's stock worth $72,000 after buying an additional 3,988 shares during the period. 71.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price target on Eastern Bankshares from $19.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th.

Eastern Bankshares Trading Down 0.5 %

NASDAQ EBC traded down $0.09 during trading on Friday, reaching $17.90. 467,877 shares of the company's stock were exchanged, compared to its average volume of 989,984. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40. The firm has a market capitalization of $3.84 billion, a PE ratio of 7.74 and a beta of 0.92. The company's fifty day simple moving average is $17.59 and its 200-day simple moving average is $15.99.

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). The business had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter in the previous year, the business posted $0.32 earnings per share. Equities analysts forecast that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be issued a $0.12 dividend. 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 2.68%. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares's payout ratio is 20.69%.

Insider Buying and Selling

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

Eastern Bankshares 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.