Eastern Bankshares (NASDAQ:EBC) CFO R David Rosato Purchases 5,000 Shares

Eastern Bankshares, Inc. (NASDAQ:EBC) CFO R David Rosato acquired 5,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was acquired at an average cost of $19.17 per share, with a total value of $95,850.00. Following the purchase, the chief financial officer owned 45,000 shares of the company’s stock, valued at approximately $862,650. This trade represents a 12.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Eastern Bankshares Stock Down 0.1%

Shares of EBC stock traded down $0.01 during trading on Monday, reaching $18.98. The company’s stock had a trading volume of 2,333,238 shares, compared to its average volume of 2,164,429. Eastern Bankshares, Inc. has a 1-year low of $13.51 and a 1-year high of $22.58. The stock’s 50-day moving average price is $20.17 and its 200 day moving average price is $18.78. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 46.29 and a beta of 0.81. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.91 and a quick ratio of 0.91.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $290.11 million for the quarter, compared to analyst estimates of $287.09 million. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.25%. On average, research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, March 6th. Eastern Bankshares’s dividend payout ratio (DPR) is presently 126.83%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on EBC shares. TD Cowen upped their price target on Eastern Bankshares from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern Bankshares in a research note on Monday, December 29th. Barclays assumed coverage on Eastern Bankshares in a research report on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 price objective for the company. Hovde Group began coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They set an “outperform” rating and a $22.50 target price on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Three investment 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $22.13.

Hedge Funds Weigh In On Eastern Bankshares

Several large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in Eastern Bankshares by 38.0% during the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock worth $3,254,000 after buying an additional 54,664 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Eastern Bankshares during the 1st quarter worth about $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Eastern Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock worth $1,884,000 after acquiring an additional 5,028 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Eastern Bankshares by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company’s stock worth $7,091,000 after purchasing an additional 29,781 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock valued at $8,948,000 after purchasing an additional 484,277 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

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.