Sanctuary Advisors LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) in the second quarter, Holdings Channel reports. The fund acquired 35,706 shares of the company’s stock, valued at approximately $794,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S boosted its position in shares of Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after buying an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eastern Bankshares in the fourth quarter valued at approximately $40,000. Trust Co. of Vermont acquired a new stake in Eastern Bankshares during the 2nd quarter valued at $55,000. Finally, Allworth Financial LP acquired a new stake in shares of Eastern Bankshares during the second quarter valued at $57,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on EBC. Piper Sandler restated an “overweight” rating and set a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Keefe, Bruyette & Woods increased their target price on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Hovde Group raised their price target on Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Stephens cut Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target for the company. in a report on Tuesday, July 28th. Finally, DA Davidson upped their price objective on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.
Insider Activity
In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director 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 filing with the SEC, which is available at the SEC website. Also, Director Joseph F. Casey sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $22.72, for a total transaction of $227,200.00. Following the completion of the transaction, the director owned 62,079 shares in the company, valued at approximately $1,410,434.88. The trade was a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,197 shares of company stock worth $809,724 in the last ninety days. Corporate insiders own 1.26% of the company’s stock.
Eastern Bankshares Trading Down 0.5%
Shares of EBC stock opened at $22.29 on Friday. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 12.66 and a beta of 0.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares, Inc. has a fifty-two week low of $16.61 and a fifty-two week high of $23.77. The firm’s 50 day moving average price is $22.67 and its two-hundred day moving average price is $20.97.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last released 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. The company had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.
Eastern Bankshares Announces Dividend
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 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio is 34.09%.
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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