Eastern Bankshares (NASDAQ:EBC) Stock Price Target Lowered at TD Cowen

Eastern Bankshares (NASDAQ:EBC) had its price target trimmed by TD Cowen from $26.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also issued reports on the company. Hovde Group lifted their target price on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Seaport Research Partners reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Eastern Bankshares in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Eastern Bankshares in a research note on Friday, August 7th. Stephens cut shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price for the company. in a research report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a report on Sunday, August 23rd. Six 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 has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

Eastern Bankshares Price Performance

Shares of EBC opened at $21.24 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50 day moving average price of $22.27 and a 200-day moving average price of $21.21. Eastern Bankshares has a fifty-two week low of $16.61 and a fifty-two week high of $23.77. The stock has a market capitalization of $4.85 billion, a PE ratio of 12.07 and a beta of 0.70.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Equities analysts predict that Eastern Bankshares will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were paid a $0.15 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. Eastern Bankshares’s dividend payout ratio is presently 34.09%.

Insiders Place Their Bets

In other Eastern Bankshares news, insider Donald Westermann sold 23,005 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $21.43, for a total value of $492,997.15. Following the sale, the insider directly owned 22,565 shares of the company’s stock, valued at approximately $483,567.95. This represents a 50.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Casey sold 10,000 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $22.72, for a total value of $227,200.00. Following the sale, the director directly owned 62,079 shares in the company, valued at $1,410,434.88. This represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 65,190 shares of company stock valued at $1,452,900 over the last 90 days. 1.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EBC. State Street Corp boosted its stake in shares of Eastern Bankshares by 42.3% during the 2nd quarter. State Street Corp now owns 12,124,657 shares of the company’s stock worth $269,652,000 after acquiring an additional 3,603,128 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Eastern Bankshares by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,290,830 shares of the company’s stock worth $28,708,000 after purchasing an additional 6,203 shares during the period. Nykredit A S purchased a new position in Eastern Bankshares during the second quarter worth approximately $77,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Eastern Bankshares in the second quarter valued at approximately $309,000. Finally, Two Sigma Securities LLC purchased a new stake in shares of Eastern Bankshares in the second quarter valued at approximately $380,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

About Eastern Bankshares

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual bank franchises in the United States before becoming a publicly traded company in 2020.

Eastern Bank provides banking and financial services to businesses, organizations, professionals and individual consumers. Its offerings include commercial and residential lending, business and personal deposit accounts, cash-management and treasury services, consumer banking, mortgage services, wealth management and investment services.

The company primarily serves communities in eastern Massachusetts and southern New Hampshire through a network of banking offices and digital banking channels.