Key Points
- Director Luis Borgen sold 1,709 shares of Eastern Bankshares at $21.97 each, a transaction worth about $37,547, reducing his stake by 7.15%.
- Eastern Bankshares recently reported quarterly EPS of $0.40, missing analyst expectations of $0.44, while revenue also came in below forecasts at $295.9 million.
- The company raised its quarterly dividend to $0.15 per share from $0.13, giving it an annualized yield of about 2.7%; analysts currently rate the stock a Moderate Buy with a consensus price target of $23.08.
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Luis Borgen sold 1,709 shares of Eastern Bankshares stock in a transaction on Monday, June 29th. The shares were sold at an average price of $21.97, for a total transaction of $37,546.73. Following the completion of the sale, the director directly owned 22,185 shares of the company's stock, valued at approximately $487,404.45. The trade was a 7.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Eastern Bankshares Stock Performance
EBC opened at $22.24 on Wednesday. Eastern Bankshares, Inc. has a 1-year low of $14.88 and a 1-year high of $22.58. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 12.49 and a beta of 0.69. The company's fifty day moving average price is $20.25 and its two-hundred day moving average price is $20.00. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). The business had revenue of $295.90 million for 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%. On average, analysts expect that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.
Eastern Bankshares Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, June 5th. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.13. Eastern Bankshares's payout ratio is 33.71%.
Analyst Upgrades and Downgrades
A number of brokerages have commented on EBC. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Eastern Bankshares in a report on Monday, June 8th. DA Davidson started coverage on Eastern Bankshares in a report on Friday, May 15th. They issued a "buy" rating and a $24.00 target price on the stock. Barclays cut their target price on 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. Piper Sandler upped their price target on Eastern Bankshares from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Finally, Stephens began coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They issued an "overweight" rating and a $24.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.08.
Read Our Latest Analysis on Eastern Bankshares
Institutional Trading of Eastern Bankshares
Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock valued at $30,000 after acquiring an additional 762 shares during the last quarter. Danske Bank A S grew its position 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 during the period. Allworth Financial LP increased its stake in shares of 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 purchasing an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eastern Bankshares during the 4th quarter worth approximately $40,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $52,000. Institutional investors 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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