Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen Sells 2,348 Shares

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 2,348 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.68, for a total transaction of $36,816.64. Following the transaction, the director now owns 27,187 shares in the company, valued at approximately $426,292.16. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Luis Borgen also recently made the following trade(s):

• On Tuesday, May 20th, Luis Borgen sold 2,348 shares of Eastern Bankshares stock. The stock was sold at an average price of $15.60, for a total transaction of $36,628.80.

Eastern Bankshares Stock Down 0.1%

Eastern Bankshares stock opened at $15.57 on Wednesday. The company’s fifty day simple moving average is $15.45 and its 200-day simple moving average is $16.99. Eastern Bankshares, Inc. has a 12 month low of $12.66 and a 12 month high of $19.40. The stock has a market cap of $3.32 billion, a P/E ratio of 23.24 and a beta of 0.97.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. The business had revenue of $222.40 million for the quarter, compared to analysts’ expectations of $226.98 million. On average, equities research analysts expect 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 issued a dividend of $0.13 per share. 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 3.34%. The ex-dividend date of this dividend is Tuesday, June 3rd. Eastern Bankshares’s payout ratio is currently -80.00%.

Hedge Funds Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC lifted its stake in shares of Eastern Bankshares by 36.2% in the 1st quarter. Intech Investment Management LLC now owns 109,369 shares of the company’s stock valued at $1,794,000 after purchasing an additional 29,058 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Eastern Bankshares by 789.9% in the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock valued at $8,948,000 after purchasing an additional 484,277 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Eastern Bankshares by 7.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company’s stock valued at $7,091,000 after purchasing an additional 29,781 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Eastern Bankshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock valued at $1,884,000 after purchasing an additional 5,028 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Eastern Bankshares in the 1st quarter valued at $954,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.