Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $22.96, for a total transaction of $229,600.00. Following the transaction, the director directly owned 72,079 shares in the company, valued at $1,654,933.84. This represents a 12.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Eastern Bankshares Stock Performance
EBC opened at $22.64 on Tuesday. The company has a 50 day simple moving average of $22.52 and a two-hundred day simple moving average of $20.94. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $5.17 billion, a P/E ratio of 12.86 and a beta of 0.68. Eastern Bankshares, Inc. has a 1-year low of $16.50 and a 1-year high of $23.77.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced 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 net margin of 25.12% and a return on equity of 8.71%. The firm had revenue of $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. Equities analysts forecast that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.
Eastern Bankshares Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Eastern Bankshares by 38.0% in the first quarter. Royal Bank of Canada now owns 198,421 shares of the company's stock worth $3,254,000 after purchasing an additional 54,664 shares during the last quarter. AQR Capital Management LLC bought a new position in Eastern Bankshares during the first quarter valued at approximately $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Eastern Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company's stock valued at $1,884,000 after buying an additional 5,028 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Eastern Bankshares by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company's stock valued at $7,091,000 after buying an additional 29,781 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Eastern Bankshares by 789.9% in the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company's stock worth $8,948,000 after acquiring an additional 484,277 shares during the last quarter. Hedge funds and other institutional investors own 71.68% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently commented on EBC. DA Davidson boosted their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Piper Sandler reissued an "overweight" rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Stephens cut Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 price target on the stock. in a report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price target on Eastern Bankshares from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Hovde Group increased their price objective on shares of Eastern Bankshares from $23.50 to $26.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.86.
Get Our Latest Research Report on EBC
Eastern Bankshares Company Profile
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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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