Cornercap Investment Counsel Inc. Acquires Shares of 38,623 Eastern Bankshares, Inc. (NASDAQ:EBC)

Cornercap Investment Counsel Inc. bought a new position in Eastern Bankshares, Inc. (NASDAQ:EBC) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 38,623 shares of the company’s stock, valued at approximately $548,000.

Several other institutional investors also recently modified their holdings of EBC. Quent Capital LLC raised its position in Eastern Bankshares by 100.0% in the third quarter. Quent Capital LLC now owns 2,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,250 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Eastern Bankshares by 30.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,474 shares of the company’s stock worth $56,000 after purchasing an additional 1,044 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Eastern Bankshares in the 2nd quarter worth approximately $56,000. State of Wyoming purchased a new position in Eastern Bankshares in the fourth quarter valued at approximately $91,000. Finally, Guardian Wealth Management Inc. grew its holdings in Eastern Bankshares by 45.8% during the first quarter. Guardian Wealth Management Inc. now owns 5,536 shares of the company’s stock valued at $119,000 after purchasing an additional 1,739 shares during the period. 71.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, January 26th.

Insider Activity

In related news, Director Luis Borgen sold 40,288 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following the sale, the director now owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.15% of the stock is owned by company insiders.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $12.39 on Wednesday. The firm has a market capitalization of $2.19 billion, a PE ratio of 8.79 and a beta of 0.85. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $13.25 and a two-hundred day moving average price of $13.05. Eastern Bankshares, Inc. has a twelve month low of $9.93 and a twelve month high of $15.07.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, January 25th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.11). The company had revenue of $160.05 million for the quarter, compared to the consensus estimate of $153.53 million. Equities analysts forecast that Eastern Bankshares, Inc. will post 1.18 EPS for the current year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Thursday, February 29th. Eastern Bankshares’s dividend payout ratio (DPR) is presently 31.21%.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.