Key Points
- Insider sale: Donald Michael Westermann sold 21,256 shares at an average of $20.11 for proceeds of $427,458.16, cutting his stake by 50.47% to 20,860 shares, per an SEC filing.
- Eastern reported quarterly EPS of $0.44 (beating estimates by $0.03) but missed on revenue ($243.4M vs. $287.09M), and announced a $0.13 quarterly dividend (2.5% yield) with a payout ratio of 126.83%.
- Shares are trading near their 12‑month high (opened $20.41; 12‑month high $20.89) with a $4.3B market cap, and analysts are split (three Buys, three Holds) with an average target of $22.13 ("Moderate Buy").
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) insider Donald Michael Westermann sold 21,256 shares of the firm's stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $20.11, for a total transaction of $427,458.16. Following the completion of the sale, the insider owned 20,860 shares of the company's stock, valued at $419,494.60. This trade represents a 50.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Eastern Bankshares Trading Up 2.4%
Shares of EBC opened at $20.41 on Friday. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $20.89. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $4.30 billion, a P/E ratio of 49.78 and a beta of 0.81. The firm's 50-day moving average is $19.20 and its two-hundred day moving average is $17.81.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The business had revenue of $243.40 million for the quarter, compared to analyst estimates of $287.09 million. Eastern Bankshares had a return on equity of 8.62% and a net margin of 8.32%. On average, research analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.
Eastern Bankshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $0.52 annualized dividend and a yield of 2.5%. Eastern Bankshares's dividend payout ratio is 126.83%.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on EBC shares. Zacks Research raised Eastern Bankshares from a "strong sell" rating to a "hold" rating in a research note on Tuesday, January 13th. Barclays initiated coverage on shares of Eastern Bankshares in a research report on Wednesday, December 17th. They set an "equal weight" rating and a $22.00 target price for the company. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Eastern Bankshares in a report on Friday, December 5th. Hovde Group began coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They set an "outperform" rating and a $22.50 price objective for the company. Finally, TD Cowen lifted their price objective on Eastern Bankshares from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $22.13.
View Our Latest Research Report on EBC
Hedge Funds Weigh In On Eastern Bankshares
Institutional investors have recently modified their holdings of the company. Assetmark Inc. lifted its stake in shares of Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company's stock valued at $30,000 after buying an additional 1,947 shares during the period. Corsicana & Co. acquired a new position in Eastern Bankshares in the 3rd quarter valued at $36,000. Allworth Financial LP raised its holdings 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 acquiring an additional 584 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Eastern Bankshares during the 3rd quarter worth $49,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Eastern Bankshares during the fourth quarter worth $52,000. Institutional investors and hedge funds own 71.68% of the company's stock.
Eastern Bankshares Company Profile
(
Get Free Report)
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.
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