Eastern Bankshares (NASDAQ:EBC) Director Luis Borgen Sells 1,710 Shares

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at $464,987.25. This represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Luis Borgen also recently made the following trade(s):

• On Monday, June 29th, Luis Borgen sold 1,709 shares of Eastern Bankshares stock. The shares were sold at an average price of $21.97, for a total value of $37,546.73.

Eastern Bankshares Price Performance

NASDAQ:EBC traded down $0.19 during trading hours on Tuesday, reaching $22.52. 2,497,216 shares of the company were exchanged, compared to its average volume of 2,555,344. The business has a 50 day moving average of $20.41 and a 200 day moving average of $20.08. Eastern Bankshares, Inc. has a 1-year low of $14.88 and a 1-year high of $22.89. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $5.21 billion, a P/E ratio of 12.65 and a beta of 0.67.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $295.90 million during the quarter, compared to analyst estimates of $308.68 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. Research analysts forecast that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a dividend of $0.15 per share. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, June 5th. Eastern Bankshares’s dividend payout ratio (DPR) is currently 33.71%.

Analysts Set New Price Targets

Several research firms have commented on EBC. DA Davidson started coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 target price on the stock. Barclays reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, April 27th. Weiss Ratings raised shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Piper Sandler boosted their price objective on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Eastern Bankshares presently has an average rating of “Moderate Buy” and a consensus price target of $23.08.

Hedge Funds Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares during the last quarter. Danske Bank A S boosted its holdings 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 valued at $35,000 after acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP grew its position in Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after acquiring an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Eastern Bankshares during the 4th quarter worth $40,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares in the 4th quarter worth about $52,000. Institutional investors own 71.68% of the company’s stock.

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.