Key Points
- Director Joseph Casey sold 322,771 shares of Eastern Bankshares (EBC) on Nov. 26 at an average price of $19.03 for proceeds of $6.14M, cutting his stake to 36,112 shares (an 89.94% reduction).
- The company declared a quarterly dividend of $0.13 per share (annualized $0.52, ~2.7% yield) with an ex-dividend date of Dec. 3 and payment on Dec. 15, and a payout ratio of 208%.
- Eastern Bankshares has a market cap near $4.0B and a high P/E (~76), reported $0.32 EPS last quarter, and carries a consensus rating of Moderate Buy with an average price target of $21.50 (TD Cowen $23).
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 322,771 shares of the firm's stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the completion of the transaction, the director directly owned 36,112 shares in the company, valued at $687,211.36. This represents a 89.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Eastern Bankshares Price Performance
Eastern Bankshares stock opened at $18.99 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 75.96 and a beta of 0.83. The firm has a 50-day moving average of $18.00 and a two-hundred day moving average of $16.60. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.31.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. The business had revenue of $162.26 million for the quarter. Eastern Bankshares had a net margin of 4.97% and a return on equity of 7.94%. On average, research analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.
Eastern Bankshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, December 3rd will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 2.7%. Eastern Bankshares's payout ratio is 208.00%.
Analysts Set New Price Targets
A number of research firms have recently issued reports on EBC. Cowen assumed coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They set a "buy" rating on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Eastern Bankshares in a report on Monday, November 24th. Finally, TD Cowen began coverage on shares of Eastern Bankshares in a report on Thursday, September 25th. They issued a "buy" rating and a $23.00 price target for the company. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Eastern Bankshares currently has a consensus rating of "Moderate Buy" and an average price target of $21.50.
View Our Latest Stock Report on Eastern Bankshares
Hedge Funds Weigh In On Eastern Bankshares
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH lifted its position in shares of Eastern Bankshares by 135.0% during the first quarter. Allianz Asset Management GmbH now owns 23,737 shares of the company's stock valued at $389,000 after buying an additional 13,637 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Eastern Bankshares in the 1st quarter worth approximately $169,000. Jefferies Financial Group Inc. bought a new position in shares of Eastern Bankshares during the 1st quarter worth approximately $455,000. Jupiter Asset Management Ltd. purchased a new stake in Eastern Bankshares during the first quarter valued at approximately $3,717,000. Finally, Nuveen LLC acquired a new stake in Eastern Bankshares in the first quarter valued at approximately $8,768,000. Hedge funds and other institutional investors own 71.68% of the company's stock.
Eastern Bankshares Company Profile
(
Get Free Report)
Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
