Eastern Bankshares, Inc. (NASDAQ:EBC) Short Interest Down 16.6% in February

Eastern Bankshares, Inc. (NASDAQ:EBC) was the target of a significant decrease in short interest in February. As of February 27th, there was short interest totaling 7,138,635 shares, a decrease of 16.6% from the February 12th total of 8,562,240 shares. Based on an average daily trading volume, of 2,006,873 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.1% of the company’s stock are sold short. Currently, 3.1% of the company’s stock are sold short. Based on an average daily trading volume, of 2,006,873 shares, the days-to-cover ratio is presently 3.6 days.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $18.83 on Wednesday. The company’s 50-day moving average is $20.20 and its 200 day moving average is $18.89. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $4.42 billion, a P/E ratio of 45.93 and a beta of 0.81. Eastern Bankshares has a fifty-two week low of $13.51 and a fifty-two week high of $22.58.

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 the consensus estimate of $0.41 by $0.03. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.25%. The company had revenue of $290.11 million during the quarter, compared to analyst estimates of $287.09 million. On average, equities research analysts forecast that Eastern Bankshares will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders 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 dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, March 6th. Eastern Bankshares’s dividend payout ratio is currently 126.83%.

Insider Buying and Selling

In other news, CFO R David Rosato acquired 5,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were purchased at an average cost of $19.17 per share, with a total value of $95,850.00. Following the acquisition, the chief financial officer directly owned 45,000 shares of the company’s stock, valued at $862,650. The trade was a 12.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald Michael Westermann sold 21,256 shares of Eastern Bankshares stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $20.11, for a total transaction of $427,458.16. Following the transaction, the insider directly owned 20,860 shares in the company, valued at $419,494.60. This represents a 50.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds have recently modified their holdings of EBC. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S increased its position in Eastern Bankshares by 533.3% in the fourth 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 last quarter. Corsicana & Co. bought a new stake in shares of Eastern Bankshares in the third quarter valued at $36,000. 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 buying an additional 584 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $40,000. Institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on EBC. TD Cowen raised their price target on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Hovde Group began 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. Piper Sandler initiated coverage on shares of Eastern Bankshares in a research note on Monday. They issued an “overweight” rating and a $23.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Finally, Barclays initiated coverage on Eastern Bankshares in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Eastern Bankshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.30.

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.