Campbell & CO Investment Adviser LLC Purchases New Position in Eastern Bankshares, Inc. $EBC

Campbell & CO Investment Adviser LLC purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 162,818 shares of the company’s stock, valued at approximately $2,486,000.

Several other institutional investors also recently bought and sold shares of EBC. Assetmark Inc. raised its stake in shares of Eastern Bankshares by 8,112.5% during the 2nd quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock worth $30,000 after buying an additional 1,947 shares during the period. CWM LLC increased its holdings in Eastern Bankshares by 90.5% in the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock worth $44,000 after acquiring an additional 1,360 shares in the last quarter. Strs Ohio purchased a new stake in Eastern Bankshares in the 1st quarter worth $130,000. RFG Bristol Wealth Advisors LLC acquired a new position in Eastern Bankshares during the second quarter worth $153,000. Finally, Cetera Investment Advisers purchased a new position in Eastern Bankshares during the first quarter valued at $169,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Stock Performance

EBC opened at $17.55 on Monday. The firm has a market capitalization of $3.71 billion, a PE ratio of 70.20 and a beta of 0.95. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40. The firm’s 50-day moving average price is $17.80 and its 200 day moving average price is $16.29. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. Eastern Bankshares had a net margin of 4.97% and a return on equity of 8.04%. The company had revenue of $162.26 million during the quarter. As a group, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, December 3rd will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 3.0%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 208.00%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on EBC. Weiss Ratings restated a “sell (d+)” rating on shares of Eastern Bankshares in a research report on Wednesday, October 8th. TD Cowen began coverage on Eastern Bankshares in a research note on Thursday, September 25th. They set a “buy” rating and a $23.00 price objective for the company. Finally, Cowen started coverage on Eastern Bankshares in a report on Wednesday, September 24th. They set a “buy” rating for the company. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Insiders Place Their Bets

In other news, President Quincy Lee Miller purchased 13,706 shares of the stock in a transaction dated Wednesday, August 27th. The shares were purchased at an average price of $17.07 per share, with a total value of $233,961.42. Following the transaction, the president owned 13,706 shares in the company, valued at $233,961.42. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO R David Rosato acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average cost of $17.08 per share, with a total value of $170,800.00. Following the acquisition, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $512,400. This trade represents a 50.00% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 73,706 shares of company stock valued at $1,265,261. Insiders own 1.10% of the company’s stock.

Eastern Bankshares 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.