Key Points
- President Quincy Miller sold 33,000 shares at an average $22.88 each, totaling $755,040. The sale reduced his direct ownership by 49.6%, to 33,538 shares.
- Eastern Bankshares’ latest quarterly results topped expectations, with EPS of $0.51 versus the $0.49 consensus and revenue of $311.69 million versus $310.60 million expected.
- The company declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 2.6% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $25.14.
Eastern Bankshares, Inc. (NASDAQ:EBC - Get Free Report) President Quincy Miller sold 33,000 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $22.88, for a total transaction of $755,040.00. Following the sale, the president directly owned 33,538 shares in the company, valued at $767,349.44. This trade represents a 49.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Eastern Bankshares Stock Up 2.2%
NASDAQ:EBC opened at $23.35 on Tuesday. The firm has a market cap of $5.34 billion, a P/E ratio of 13.42 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.89 and a current ratio of 0.89. Eastern Bankshares, Inc. has a fifty-two week low of $17.03 and a fifty-two week high of $23.78. The firm has a 50-day simple moving average of $21.74 and a two-hundred day simple moving average of $21.15.
Eastern Bankshares (NASDAQ:EBC - Get Free Report) last issued its earnings results on Thursday, October 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. The business had revenue of $311.69 million during the quarter, compared to analysts' expectations of $310.60 million. Eastern Bankshares had a net margin of 24.04% and a return on equity of 9.37%. Analysts predict that Eastern Bankshares, Inc. will post 1.89 earnings per share for the current fiscal year.
Eastern Bankshares Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Monday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, December 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Eastern Bankshares's dividend payout ratio (DPR) is 34.48%.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. DA Davidson set a $26.00 price objective on shares of Eastern Bankshares in a report on Monday, October 26th. TD Cowen cut their target price on Eastern Bankshares from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Weiss Ratings upgraded Eastern Bankshares from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, November 2nd. Stephens lowered Eastern Bankshares from an "overweight" rating to an "equal weight" rating and set a $24.00 target price for the company. in a report on Tuesday, July 28th. Finally, Piper Sandler restated an "overweight" rating and issued a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, October 26th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $25.14.
Check Out Our Latest Stock Analysis on Eastern Bankshares
Hedge Funds Weigh In On Eastern Bankshares
A number of hedge funds have recently bought and sold shares of the business. Deutsche Bank AG purchased a new stake in Eastern Bankshares during the 2nd quarter valued at $5,066,000. Oregon Public Employees Retirement Fund bought a new position in shares of Eastern Bankshares during the 2nd quarter valued at $1,074,000. State Street Corp boosted its stake in shares of Eastern Bankshares by 42.3% in the 2nd quarter. State Street Corp now owns 12,124,657 shares of the company's stock worth $269,652,000 after buying an additional 3,603,128 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Eastern Bankshares by 25.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company's stock worth $28,319,000 after buying an additional 289,458 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Eastern Bankshares in the 2nd quarter worth $28,708,000. Hedge funds and other institutional investors own 71.68% of the company's stock.
About Eastern Bankshares
(
Get Free Report)
Eastern Bankshares, Inc is the bank holding company for Eastern Bank, a full-service commercial bank headquartered in Boston. The company provides personal and business banking services, including deposit accounts, loans, cash management and digital banking.
Through its banking and affiliated businesses, Eastern also offers commercial lending, wealth management and insurance services. Its operations primarily serve businesses, individuals and organizations in eastern Massachusetts and southern New Hampshire.
Eastern Bank traces its roots to 1818 and operated as a mutual bank for more than two centuries before becoming publicly traded in 2020.
Further Reading
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