Eastern Bankshares, Inc. $EBC Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 30.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 271,494 shares of the company’s stock after purchasing an additional 63,172 shares during the period. Rafferty Asset Management LLC owned 0.13% of Eastern Bankshares worth $4,928,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. California State Teachers Retirement System raised its holdings in shares of Eastern Bankshares by 0.4% in the second quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock valued at $2,739,000 after buying an additional 660 shares during the last quarter. Orion Porfolio Solutions LLC raised its stake in Eastern Bankshares by 6.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock valued at $200,000 after acquiring an additional 740 shares during the last quarter. CWM LLC lifted its position in Eastern Bankshares by 29.9% during the 3rd quarter. CWM LLC now owns 3,718 shares of the company’s stock worth $67,000 after acquiring an additional 856 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Eastern Bankshares by 3.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 29,194 shares of the company’s stock valued at $446,000 after purchasing an additional 942 shares during the last quarter. Finally, Savant Capital LLC increased its holdings in shares of Eastern Bankshares by 3.1% in the second quarter. Savant Capital LLC now owns 31,885 shares of the company’s stock valued at $487,000 after purchasing an additional 973 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Down 1.4%

Shares of NASDAQ EBC opened at $19.45 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 52 week low of $13.51 and a 52 week high of $22.58. The firm has a 50-day moving average price of $20.14 and a 200 day moving average price of $18.71. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 47.44 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.03. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.62%. The company had revenue of $290.11 million for the quarter, compared to analyst estimates of $287.09 million. Equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, March 6th. Eastern Bankshares’s payout ratio is presently 126.83%.

Analyst Ratings Changes

Several brokerages recently weighed in on EBC. Zacks Research raised Eastern Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, December 5th. Barclays started coverage on shares of Eastern Bankshares in a research note on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 price target on the stock. Hovde Group started coverage on shares of Eastern Bankshares in a research report on Monday, January 5th. They issued an “outperform” rating and a $22.50 price objective for the company. Finally, TD Cowen lifted their price objective on Eastern Bankshares from $23.00 to $24.00 and gave the company a “buy” rating in a report on Monday, January 26th. 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, the company presently has an average rating of “Moderate Buy” and an average price target of $22.13.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, CAO David Andrew Ahlquist sold 10,000 shares of Eastern Bankshares stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the transaction, the chief accounting officer owned 9,518 shares in the company, valued at approximately $206,064.70. The trade was a 51.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Donald Michael Westermann sold 21,256 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $20.11, for a total transaction of $427,458.16. Following the completion of the sale, the insider directly owned 20,860 shares in the company, valued at $419,494.60. This trade represents a 50.47% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by corporate insiders.

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.