Eastern Bankshares (NASDAQ:EBC) Sets New 12-Month High – Here’s What Happened

Eastern Bankshares, Inc. (NASDAQ:EBC) hit a new 52-week high during trading on Wednesday . The stock traded as high as $22.63 and last traded at $22.62, with a volume of 248757 shares. The stock had previously closed at $22.24.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on EBC shares. DA Davidson began coverage on Eastern Bankshares in a research note on Friday, May 15th. They issued a “buy” rating and a $24.00 price target on the stock. Stephens began coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price objective on the stock. TD Cowen dropped their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Finally, Piper Sandler lifted their target price on shares of Eastern Bankshares from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.08.

Eastern Bankshares Stock Performance

The company has a market cap of $5.23 billion, a P/E ratio of 12.75 and a beta of 0.69. 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 stock has a 50 day moving average price of $20.25 and a two-hundred day moving average price of $20.00.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The firm had revenue of $295.90 million for the quarter, compared to analyst estimates of $308.68 million. On average, research analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, June 5th. Eastern Bankshares’s dividend payout ratio is currently 33.71%.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 1,709 shares of Eastern Bankshares stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $21.97, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. 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 during the period. Danske Bank A S increased its stake in Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after acquiring an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the 4th quarter valued at $40,000. Allworth Financial LP raised its holdings in Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after acquiring an additional 584 shares in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares in the 4th quarter valued at $52,000. 71.68% of the stock is owned by institutional investors.

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.