Key Points
- Director sale: Eastern Bankshares Director Joseph Casey sold 1,778 shares at an average price of $22.69, generating $40,342.82 and reducing his direct ownership by 2.86% to 60,301 shares.
- Strong quarterly results: The company reported quarterly earnings of $0.49 per share, exceeding estimates of $0.46, while revenue of $316.01 million also topped forecasts.
- Positive investor outlook: Analysts maintain a “Moderate Buy” consensus with a $24.86 price target, while Eastern Bankshares declared a $0.15 quarterly dividend, equivalent to a 2.7% yield.
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) Director Joseph Casey sold 1,778 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $22.69, for a total transaction of $40,342.82. Following the completion of the transaction, the director directly owned 60,301 shares in the company, valued at $1,368,229.69. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Eastern Bankshares Price Performance
EBC opened at $22.40 on Thursday. The stock has a fifty day moving average price of $22.60 and a 200 day moving average price of $20.95. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares, Inc. has a 1 year low of $16.61 and a 1 year high of $23.77. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 12.73 and a beta of 0.68.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping 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. Analysts forecast that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.
Eastern Bankshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. Eastern Bankshares's payout ratio is presently 34.09%.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on EBC. TD Cowen raised their price objective 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. Piper Sandler reissued an "overweight" rating and issued 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 restated a "buy" rating and set a $27.00 price target on shares of Eastern Bankshares in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Eastern Bankshares from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Eastern Bankshares has an average rating of "Moderate Buy" and a consensus price target of $24.86.
Get Our Latest Report on Eastern Bankshares
Institutional Investors Weigh In On Eastern Bankshares
A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company's stock valued at $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S raised its holdings in Eastern Bankshares by 533.3% in 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the 4th quarter valued at approximately $40,000. SHP Wealth Management bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $52,000. Finally, Trust Co. of Vermont acquired a new position in shares of Eastern Bankshares in the second quarter valued at $55,000. 71.68% of the stock is currently owned by institutional investors.
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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