Integrated Wealth Concepts LLC Sells 701 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Integrated Wealth Concepts LLC lowered its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 3.5% during the 4th quarter, Holdings Channel reports. The firm owned 19,261 shares of the company’s stock after selling 701 shares during the period. Integrated Wealth Concepts LLC’s holdings in Eastern Bankshares were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Eastern Bankshares by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 134,599 shares of the company’s stock worth $2,322,000 after purchasing an additional 13,716 shares during the last quarter. Hsbc Holdings PLC increased its position in Eastern Bankshares by 342.4% in the fourth quarter. Hsbc Holdings PLC now owns 108,054 shares of the company’s stock worth $1,863,000 after buying an additional 83,629 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Eastern Bankshares by 5.3% in the fourth quarter. MetLife Investment Management LLC now owns 117,953 shares of the company’s stock valued at $2,035,000 after buying an additional 5,937 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 3.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,932,470 shares of the company’s stock valued at $119,585,000 after buying an additional 259,476 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Eastern Bankshares by 23.3% during the 4th quarter. First Trust Advisors LP now owns 5,080,479 shares of the company’s stock worth $87,638,000 after acquiring an additional 960,591 shares during the period. Institutional investors own 71.68% of the company’s stock.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the transaction, the chief financial officer now owns 20,000 shares of the company’s stock, valued at approximately $308,000. This represents a 100.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lowered their price objective on Eastern Bankshares from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th.

Eastern Bankshares Trading Up 2.5 %

EBC opened at $15.33 on Friday. Eastern Bankshares, Inc. has a 12 month low of $12.66 and a 12 month high of $19.40. The company has a market cap of $3.27 billion, a PE ratio of 22.88 and a beta of 0.96. The company has a 50 day moving average of $15.74 and a 200 day moving average of $17.09.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. The firm had revenue of $222.40 million during the quarter, compared to analyst estimates of $226.98 million. Research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, June 3rd will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 3.39%. Eastern Bankshares’s dividend payout ratio is currently -80.00%.

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.