Eastern Bankshares, Inc. (NASDAQ:EBC) CFO Buys $154,000.00 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) CFO R David Rosato acquired 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average cost of $15.40 per share, with a total value of $154,000.00. Following the completion of the purchase, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. This represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Eastern Bankshares Trading Up 3.0 %

Shares of Eastern Bankshares stock opened at $16.27 on Friday. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40. The stock has a 50-day moving average price of $17.64 and a 200 day moving average price of $17.36. The company has a market cap of $3.47 billion, a P/E ratio of 24.28 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share 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%. On average, equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 71.64%.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Enterprise Bank & Trust Co raised its stake in shares of Eastern Bankshares by 3.4% in the 4th quarter. Enterprise Bank & Trust Co now owns 24,234 shares of the company’s stock valued at $418,000 after acquiring an additional 800 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Eastern Bankshares by 127.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock valued at $30,000 after acquiring an additional 1,010 shares in the last quarter. Amalgamated Bank raised its stake in shares of Eastern Bankshares by 21.1% in the 3rd quarter. Amalgamated Bank now owns 6,595 shares of the company’s stock valued at $108,000 after acquiring an additional 1,150 shares in the last quarter. Xponance Inc. raised its stake in shares of Eastern Bankshares by 9.6% in the 4th quarter. Xponance Inc. now owns 13,778 shares of the company’s stock valued at $238,000 after acquiring an additional 1,203 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Eastern Bankshares by 6.5% in the 4th quarter. Diversified Trust Co now owns 20,971 shares of the company’s stock valued at $362,000 after acquiring an additional 1,272 shares in the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $22.00 price objective (up from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

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.