Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 10,000 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $22.72, for a total transaction of $227,200.00. Following the sale, the director directly owned 62,079 shares in the company, valued at $1,410,434.88. This trade represents a 13.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Eastern Bankshares Stock Performance
EBC stock opened at $22.36 on Wednesday. The stock has a 50-day moving average price of $22.55 and a 200-day moving average price of $20.95. Eastern Bankshares, Inc. has a 1-year low of $16.50 and a 1-year high of $23.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The firm has a market cap of $5.11 billion, a PE ratio of 12.70 and a beta of 0.68.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results 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 for the quarter, compared to analyst estimates of $308.20 million. As a group, equities research analysts expect that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.
Eastern Bankshares Announces Dividend
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 issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares's dividend payout ratio is presently 34.09%.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Eastern Bankshares from a "sell" rating to a "hold" rating in a research note on Sunday. Seaport Research Partners restated a "buy" rating and issued a $27.00 price target on shares of Eastern Bankshares in a report on Monday, July 27th. DA Davidson lifted their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods upped their price objective on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Piper Sandler reissued an "overweight" rating and set a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.86.
Check Out Our Latest Stock Analysis on Eastern Bankshares
Hedge Funds Weigh In On Eastern Bankshares
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Eastern Bankshares during the 2nd quarter worth approximately $498,672,000. California State Teachers Retirement System lifted its holdings in shares of Eastern Bankshares by 2,062.7% in the second quarter. California State Teachers Retirement System now owns 5,790,273 shares of the company's stock valued at $128,776,000 after purchasing an additional 5,522,534 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Eastern Bankshares by 185.9% during the fourth 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 during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Eastern Bankshares by 33.0% during 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 buying an additional 3,407,066 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in 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 buying an additional 2,440,017 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company's stock.
About Eastern Bankshares
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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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