Key Points
- Director Joseph Casey sold 10,000 Eastern Bankshares shares at an average price of $23.62, for total proceeds of $236,200. The transaction reduced his ownership by 9.8% to 92,079 shares.
- Eastern Bankshares reported quarterly EPS of $0.49, beating estimates of $0.46, while revenue of $316.01 million also exceeded expectations. The stock opened at $22.74 and remains near its 52-week high of $23.77.
- The company declared a quarterly dividend of $0.15 per share, equal to a $0.60 annualized payout and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.86.
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $23.62, for a total value of $236,200.00. Following the completion of the transaction, the director owned 92,079 shares of the company's stock, valued at $2,174,905.98. This represents a 9.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.
Eastern Bankshares Trading Down 1.2%
NASDAQ EBC opened at $22.74 on Friday. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 12.92 and a beta of 0.68. The stock's 50 day moving average price is $22.43 and its two-hundred day moving average price is $20.93. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. Eastern Bankshares, Inc. has a 52 week low of $15.74 and a 52 week high of $23.77.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The company had revenue of $316.01 million during the quarter, compared to the consensus estimate of $308.20 million. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.
Eastern Bankshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.6%. Eastern Bankshares's dividend payout ratio (DPR) is 34.09%.
Institutional Investors Weigh In On Eastern Bankshares
Several hedge funds have recently added to or reduced their stakes in EBC. BlackRock Inc. bought a new stake in shares of Eastern Bankshares in the second quarter worth $498,672,000. Vanguard Group Inc. lifted its holdings in Eastern Bankshares by 12.6% during the 4th quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company's stock worth $403,138,000 after buying an additional 2,440,017 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Eastern Bankshares by 33.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,728,558 shares of the company's stock valued at $253,018,000 after buying an additional 3,407,066 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Eastern Bankshares by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,552,160 shares of the company's stock valued at $176,048,000 after buying an additional 939,740 shares during the period. Finally, State Street Corp raised its position in shares of Eastern Bankshares by 18.5% during the fourth quarter. State Street Corp now owns 8,919,404 shares of the company's stock worth $164,385,000 after acquiring an additional 1,389,304 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on EBC. TD Cowen boosted their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Barclays cut their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Monday, April 27th. Piper Sandler restated an "overweight" rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Seaport Research Partners reaffirmed a "buy" rating and set a $27.00 target price on shares of Eastern Bankshares in a report on Monday, July 27th. Finally, Wall Street Zen downgraded shares of Eastern Bankshares from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Eastern Bankshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.86.
Read Our Latest Research Report on EBC
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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