Key Points
- Eastern Bankshares director Luis Borgen sold 1,710 shares on July 6 at an average price of $22.71, totaling about $38,834. The sale reduced his stake by 7.71%, and it was disclosed in an SEC filing.
- Borgen also sold 1,709 shares the prior week at an average price of $21.97, indicating a pattern of recent insider selling in the stock.
- The company recently raised its quarterly dividend to $0.15 per share from $0.13, implying an annualized yield of 2.7%. Analysts remain generally constructive, with a consensus rating of “Moderate Buy” and an average price target of $23.08.
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Luis Borgen sold 1,710 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the sale, the director owned 20,475 shares in the company, valued at $464,987.25. The trade was a 7.71% decrease in their position. The sale was disclosed in a legal filing 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 Stock Down 0.8%
Shares of NASDAQ:EBC opened at $22.52 on Wednesday. Eastern Bankshares, Inc. has a 12 month low of $14.88 and a 12 month high of $22.89. The company's 50-day moving average price is $20.47 and its two-hundred day moving average price is $20.11. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $5.21 billion, a P/E ratio of 12.65 and a beta of 0.67.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The company had revenue of $295.90 million during the quarter, compared to the consensus estimate of $308.68 million. As a group, research analysts forecast that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.
Eastern Bankshares Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, June 5th. This is a positive change from Eastern Bankshares's previous quarterly dividend of $0.13. Eastern Bankshares's dividend payout ratio is 33.71%.
Hedge Funds Weigh In On Eastern Bankshares
Several institutional investors have recently modified their holdings of EBC. Wellington Management Group LLP increased its position in shares of Eastern Bankshares by 185.9% in the 4th quarter. Wellington Management Group LLP now owns 7,437,108 shares of the company's stock valued at $137,066,000 after buying an additional 4,835,474 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Eastern Bankshares by 33.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company's stock valued at $253,018,000 after acquiring an additional 3,407,066 shares during the period. Vanguard Group Inc. raised its position in shares of Eastern Bankshares by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after purchasing an additional 2,440,017 shares during the period. Norges Bank bought a new position in shares of Eastern Bankshares during the 4th quarter valued at about $33,548,000. Finally, Jennison Associates LLC lifted its holdings in shares of Eastern Bankshares by 28.9% during the 1st quarter. Jennison Associates LLC now owns 6,846,216 shares of the company's stock valued at $133,912,000 after purchasing an additional 1,535,094 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on EBC shares. Keefe, Bruyette & Woods restated an "outperform" rating on shares of Eastern Bankshares in a research report on Monday, June 8th. Stephens assumed coverage on Eastern Bankshares in a report on Wednesday, April 15th. They issued an "overweight" rating and a $24.00 price target on the stock. Weiss Ratings upgraded Eastern Bankshares from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, May 12th. Piper Sandler upped their target price 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, DA Davidson initiated coverage on shares of Eastern Bankshares in a research report on Friday, May 15th. They set a "buy" rating and a $24.00 price target for the company. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.08.
Check Out Our Latest Stock Report on EBC
About Eastern Bankshares
(
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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