Oregon Public Employees Retirement Fund Takes Position in Eastern Bankshares, Inc. $EBC

Oregon Public Employees Retirement Fund bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 48,300 shares of the company’s stock, valued at approximately $1,074,000.

Other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised 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 valued at $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S lifted its position in shares of Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Eastern Bankshares during the 4th quarter worth approximately $40,000. SHP Wealth Management bought a new position in Eastern Bankshares during the fourth quarter worth $52,000. Finally, Bayforest Capital Ltd acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at about $60,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction 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 owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on EBC shares. Stephens cut Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research report on Tuesday, July 28th. Hovde Group upped their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Piper Sandler reiterated an “overweight” rating and issued a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Seaport Research Partners reissued a “buy” rating and set a $27.00 price target on shares of Eastern Bankshares in a report on Monday, July 27th. Finally, DA Davidson lifted their price target on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.86.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $23.52 on Friday. Eastern Bankshares, Inc. has a fifty-two week low of $15.71 and a fifty-two week high of $23.75. The firm’s 50-day simple moving average is $22.14 and its 200 day simple moving average is $20.82. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16. The stock has a market cap of $5.37 billion, a P/E ratio of 13.36 and a beta of 0.68.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Equities analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. Eastern Bankshares’s dividend payout ratio is presently 34.09%.

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.