Shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $23.0833.
EBC has been the topic of a number of recent analyst reports. DA Davidson started coverage on Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target on the stock. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. Barclays decreased their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Finally, TD Cowen dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 27th.
Get Our Latest Stock Report on Eastern Bankshares
Eastern Bankshares Price Performance
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. The company had revenue of $295.90 million during the quarter, compared to analysts’ expectations of $308.68 million. Analysts expect that Eastern Bankshares will post 1.87 earnings per share for the current year.
Eastern Bankshares Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were paid a $0.15 dividend. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. Eastern Bankshares’s payout ratio is 33.71%.
Insider Activity at Eastern Bankshares
In other news, Director Luis Borgen sold 1,709 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $21.97, for a total transaction of $37,546.73. Following the completion of the sale, the director owned 22,185 shares in the company, valued at $487,404.45. The trade was a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.26% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. HoldCo Asset Management LP boosted its holdings in Eastern Bankshares by 23.0% during the third quarter. HoldCo Asset Management LP now owns 6,408,772 shares of the company’s stock worth $116,319,000 after buying an additional 1,200,272 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Eastern Bankshares by 12.6% in the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company’s stock valued at $403,138,000 after acquiring an additional 2,440,017 shares during the last quarter. UBS Group AG boosted its stake in Eastern Bankshares by 249.9% during the 4th quarter. UBS Group AG now owns 1,810,225 shares of the company’s stock worth $33,362,000 after acquiring an additional 1,292,857 shares during the last quarter. Azora Capital LP grew its holdings in Eastern Bankshares by 54.5% during the third quarter. Azora Capital LP now owns 2,597,878 shares of the company’s stock valued at $47,151,000 after purchasing an additional 916,875 shares during the period. Finally, Algebris UK Ltd. grew its holdings in Eastern Bankshares by 21.8% during the fourth quarter. Algebris UK Ltd. now owns 624,471 shares of the company’s stock valued at $11,514,000 after purchasing an additional 111,811 shares during the period. 71.68% of the stock is currently owned by institutional investors.
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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