Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen Sells 28,730 Shares of Stock

Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) Director Luis Borgen sold 28,730 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $20.28, for a total transaction of $582,644.40. Following the completion of the transaction, the director now owns 89,965 shares in the company, valued at approximately $1,824,490.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Eastern Bankshares Stock Up 0.5 %

Shares of NASDAQ:EBC opened at $20.37 on Friday. Eastern Bankshares, Inc. has a 12-month low of $17.98 and a 12-month high of $22.35. The company has a market cap of $3.75 billion, a P/E ratio of 19.78 and a beta of 0.97. The company’s fifty day moving average is $19.18 and its two-hundred day moving average is $20.11.

Eastern Bankshares (NASDAQ:EBC – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Eastern Bankshares had a net margin of 25.67% and a return on equity of 5.79%. During the same period in the prior year, the firm earned $0.22 EPS. Equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.33 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Friday, September 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Thursday, September 1st. Eastern Bankshares’s dividend payout ratio is presently 38.84%.

Institutional Investors Weigh In On Eastern Bankshares

A number of large investors have recently bought and sold shares of EBC. Retirement Planning Co of New England Inc. bought a new stake in Eastern Bankshares during the fourth quarter valued at about $32,000. Quent Capital LLC bought a new stake in Eastern Bankshares during the first quarter valued at about $54,000. Silvant Capital Management LLC bought a new stake in Eastern Bankshares during the second quarter valued at about $75,000. Guardian Wealth Management Inc. bought a new stake in Eastern Bankshares during the fourth quarter valued at about $77,000. Finally, Bouchey Financial Group Ltd bought a new stake in Eastern Bankshares during the second quarter valued at about $185,000. 58.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler cut their target price on shares of Eastern Bankshares to $23.00 and set a “na” rating on the stock in a research note on Monday, May 16th. JPMorgan Chase & Co. cut their target price on shares of Eastern Bankshares from $23.50 to $22.50 and set a “neutral” rating on the stock in a research note on Friday, July 1st.

About Eastern Bankshares

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Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.