Mendon Capital Advisors Corp bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 30,000 shares of the company’s stock, valued at approximately $587,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Weiss Asset Management LP grew its stake in Eastern Bankshares by 142.5% in the 1st quarter. Weiss Asset Management LP now owns 84,613 shares of the company’s stock valued at $1,655,000 after purchasing an additional 49,717 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Eastern Bankshares by 25.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company’s stock worth $28,319,000 after acquiring an additional 289,458 shares during the last quarter. Sei Investments Co. raised its stake in Eastern Bankshares by 83.9% in the 1st quarter. Sei Investments Co. now owns 221,918 shares of the company’s stock valued at $4,341,000 after acquiring an additional 101,273 shares during the period. State of Wyoming lifted its holdings in Eastern Bankshares by 230.5% during the first quarter. State of Wyoming now owns 13,655 shares of the company’s stock valued at $267,000 after purchasing an additional 9,523 shares during the last quarter. Finally, KBC Group NV boosted its position in Eastern Bankshares by 36.5% during the first quarter. KBC Group NV now owns 7,932 shares of the company’s stock worth $155,000 after purchasing an additional 2,123 shares during the period. Hedge funds and other institutional investors own 71.68% of the company’s stock.
Eastern Bankshares Stock Performance
NASDAQ EBC opened at $22.92 on Monday. The company’s 50 day simple moving average is $21.18 and its two-hundred day simple moving average is $20.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.88 and a quick ratio of 0.88. Eastern Bankshares, Inc. has a 1 year low of $14.88 and a 1 year high of $23.53. The stock has a market capitalization of $5.30 billion, a PE ratio of 13.02 and a beta of 0.67.
Eastern Bankshares Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Eastern Bankshares’s payout ratio is presently 34.09%.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on EBC shares. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a research report on Monday, June 8th. Stephens started coverage on shares of Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price objective for the company. Piper Sandler boosted their target price on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. Finally, DA Davidson started coverage on Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.
Read Our Latest Report on Eastern Bankshares
Key Eastern Bankshares News
Here are the key news stories impacting Eastern Bankshares this week:
- Positive Sentiment: Eastern Bankshares delivered a Q2 earnings beat, with EPS of $0.49 versus $0.46 expected and revenue of $316.0 million versus $308.2 million estimated. Article Title
- Positive Sentiment: The company declared a quarterly dividend of $0.15 per share, reinforcing its shareholder-return profile and yield appeal. Article Title
- Neutral Sentiment: Management’s Q2 earnings call transcript may provide additional color on loan growth, margins, and credit trends, but no major new catalyst was highlighted in the provided summary. Article Title
- Neutral Sentiment: Short-interest data showed no meaningful change in positioning, with reported short interest at 0 shares, offering little signal for near-term trading pressure.
Insider Buying and Selling
In other news, Director Luis Borgen sold 1,710 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director owned 20,475 shares of the company’s stock, valued at $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is currently owned by corporate insiders.
About Eastern Bankshares
Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.
Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.
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