Jennison Associates LLC raised its stake in Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) by 28.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 6,846,216 shares of the company’s stock after purchasing an additional 1,535,094 shares during the period. Jennison Associates LLC’s holdings in Eastern Bankshares were worth $133,912,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of EBC. Wellington Management Group LLP raised its stake in Eastern Bankshares by 185.9% during the fourth quarter. Wellington Management Group LLP now owns 7,437,108 shares of the company’s stock valued at $137,066,000 after buying an additional 4,835,474 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Eastern Bankshares by 33.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company’s stock worth $253,018,000 after purchasing an additional 3,407,066 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Eastern Bankshares by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company’s stock worth $403,138,000 after purchasing an additional 2,440,017 shares during the period. Norges Bank bought a new stake in Eastern Bankshares during the fourth quarter valued at $33,548,000. Finally, State Street Corp raised its holdings in shares of Eastern Bankshares by 18.5% during the fourth quarter. State Street Corp now owns 8,919,404 shares of the company’s stock worth $164,385,000 after purchasing an additional 1,389,304 shares during the period. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Luis Borgen sold 1,710 shares of the business’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 transaction of $38,834.10. Following the sale, the director owned 20,475 shares of the company’s stock, valued at $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.26% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Check Out Our Latest Report on Eastern Bankshares
Eastern Bankshares Stock Performance
Shares of EBC opened at $23.00 on Friday. The firm has a market capitalization of $5.32 billion, a PE ratio of 12.92 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $20.85 and a 200 day moving average price of $20.30. Eastern Bankshares, Inc. has a 52-week low of $14.88 and a 52-week high of $23.53.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $295.90 million for the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. On average, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.
Eastern Bankshares Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were paid a dividend of $0.15 per share. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, June 5th. Eastern Bankshares’s dividend payout ratio (DPR) is 33.71%.
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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