Wall Street Zen lowered shares of Eastern Bankshares (NASDAQ:EBC – Free Report) from a hold rating to a sell rating in a research report report published on Saturday.
EBC has been the topic of a number of other reports. DA Davidson boosted their target price on Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods lifted their price objective on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Hovde Group upped their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Barclays lowered their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Eastern Bankshares in a research report on Friday, August 7th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.86.
Get Our Latest Report on Eastern Bankshares
Eastern Bankshares Stock Performance
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. As a group, sell-side analysts forecast that Eastern Bankshares will post 1.88 earnings per share for the current fiscal year.
Eastern Bankshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s payout ratio is presently 34.09%.
Insider Transactions at Eastern Bankshares
In other news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares of the company’s stock, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Eastern Bankshares
Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares during the last quarter. Danske Bank A S increased its position in Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Eastern Bankshares during the fourth quarter valued at $40,000. Trust Co. of Vermont purchased a new stake in shares of Eastern Bankshares in the second quarter valued at $55,000. Finally, Allworth Financial LP purchased a new stake in shares of Eastern Bankshares in the second quarter valued at $57,000. Institutional investors own 71.68% of the company’s stock.
Eastern Bankshares Company Profile
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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