Insider Selling: Eastern Bankshares (NASDAQ:EBC) CAO Sells $216,500.00 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) CAO David Andrew Ahlquist sold 10,000 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the transaction, the chief accounting officer directly owned 9,518 shares of the company’s stock, valued at $206,064.70. This trade represents a 51.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Eastern Bankshares Stock Performance

Eastern Bankshares stock opened at $21.89 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.61 billion, a PE ratio of 53.39 and a beta of 0.81. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $22.58. The business’s 50-day moving average price is $19.52 and its two-hundred day moving average price is $18.05.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $243.40 million for the quarter, compared to the consensus estimate of $287.09 million. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.62%. As a group, analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, March 6th. This represents a $0.52 annualized dividend and a dividend yield of 2.4%. Eastern Bankshares’s dividend payout ratio is 126.83%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research report on Friday, December 5th. TD Cowen lifted their price target on Eastern Bankshares from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Hovde Group started coverage on Eastern Bankshares in a research note on Monday, January 5th. They issued an “outperform” rating and a $22.50 price objective for the company. Barclays began coverage on shares of Eastern Bankshares in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 price objective for the company. Finally, Zacks Research raised shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Eastern Bankshares presently has a consensus rating of “Moderate Buy” and an average price target of $22.13.

Institutional Investors Weigh In On Eastern Bankshares

Several large investors have recently modified their holdings of the company. Assetmark Inc. grew its stake in Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock worth $30,000 after purchasing an additional 1,947 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S grew its position in shares of 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 buying an additional 1,600 shares during the period. Corsicana & Co. bought a new stake in shares of Eastern Bankshares in the 3rd quarter valued at $36,000. Finally, Allworth Financial LP lifted its position in shares of Eastern Bankshares by 36.4% during 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 during the period. 71.68% of the stock is currently owned by institutional investors and hedge funds.

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.