Eastern Bankshares, Inc. $EBC Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in Eastern Bankshares, Inc. (NASDAQ:EBC) by 12.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,874,030 shares of the company’s stock after buying an additional 2,440,017 shares during the period. Vanguard Group Inc. owned 0.10% of Eastern Bankshares worth $403,138,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Allworth Financial LP raised its position in Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after purchasing an additional 584 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Eastern Bankshares in the 3rd quarter valued at $49,000. Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares in the fourth quarter valued at $52,000. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Eastern Bankshares in the third quarter valued at about $57,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of Eastern Bankshares in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

EBC stock opened at $20.26 on Thursday. Eastern Bankshares, Inc. has a one year low of $14.10 and a one year high of $22.58. The stock has a market capitalization of $4.75 billion, a PE ratio of 11.38 and a beta of 0.70. 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 fifty day moving average of $19.81 and a 200-day moving average of $19.40.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.60% and a net margin of 26.28%.The firm had revenue of $295.90 million during the quarter, compared to analyst estimates of $308.68 million. As a group, analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be paid a $0.15 dividend. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, June 5th. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. Eastern Bankshares’s dividend payout ratio (DPR) is 29.21%.

Analyst Ratings Changes

A number of research firms recently issued reports on EBC. Zacks Research raised Eastern Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Piper Sandler began coverage on Eastern Bankshares in a report on Monday, March 16th. They set an “overweight” rating and a $23.00 price target on the stock. TD Cowen lowered their price target on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Stephens began coverage on Eastern Bankshares in a report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.70.

Insider Activity at Eastern Bankshares

In other news, CFO R David Rosato bought 5,000 shares of Eastern Bankshares stock in a transaction dated Thursday, March 5th. The stock was bought at an average price of $19.17 per share, for a total transaction of $95,850.00. Following the purchase, the chief financial officer owned 45,000 shares of the company’s stock, valued at approximately $862,650. The trade was a 12.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.26% of the company’s stock.

Eastern Bankshares 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.