Eastern Bankshares, Inc. (NASDAQ:EBC – Get Free Report) Director Joseph Casey sold 10,000 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $22.72, for a total value of $227,200.00. Following the completion of the transaction, the director owned 62,079 shares of the company’s stock, valued at $1,410,434.88. This trade represents a 13.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Eastern Bankshares Stock Up 0.2%
Eastern Bankshares stock opened at $22.40 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50-day simple moving average is $22.60 and its two-hundred day simple moving average is $20.95. The company has a market cap of $5.12 billion, a PE ratio of 12.73 and a beta of 0.68. Eastern Bankshares, Inc. has a fifty-two week low of $16.61 and a fifty-two week high of $23.77.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The firm had revenue of $316.01 million during the quarter, compared to analysts’ expectations of $308.20 million. Equities analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.
Eastern Bankshares Dividend Announcement
Hedge Funds Weigh In On Eastern Bankshares
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Eastern Bankshares in the 2nd quarter valued at $498,672,000. Vanguard Group Inc. grew its position in Eastern Bankshares by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company’s stock valued at $403,138,000 after buying an additional 2,440,017 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in Eastern Bankshares by 33.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company’s stock valued at $253,018,000 after buying an additional 3,407,066 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Eastern Bankshares by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,552,160 shares of the company’s stock worth $176,048,000 after acquiring an additional 939,740 shares during the period. Finally, State Street Corp raised its position in shares of Eastern Bankshares by 18.5% in the fourth quarter. State Street Corp now owns 8,919,404 shares of the company’s stock worth $164,385,000 after acquiring an additional 1,389,304 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
EBC has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eastern Bankshares in a report on Friday, August 7th. TD Cowen raised their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Wall Street Zen upgraded shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research report on Sunday. DA Davidson upped their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Hovde Group lifted their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.86.
View Our Latest Research Report on EBC
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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