Picton Mahoney Asset Management Buys Shares of 28,125 Eastern Bankshares, Inc. (NASDAQ:EBC)

Picton Mahoney Asset Management purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 28,125 shares of the company’s stock, valued at approximately $400,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in Eastern Bankshares by 0.5% during the third quarter. Rhumbline Advisers now owns 249,603 shares of the company’s stock worth $3,130,000 after purchasing an additional 1,184 shares during the last quarter. Swiss National Bank boosted its position in shares of Eastern Bankshares by 1.0% in the 3rd quarter. Swiss National Bank now owns 348,900 shares of the company’s stock worth $4,375,000 after buying an additional 3,400 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in Eastern Bankshares by 32.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,408 shares of the company’s stock valued at $243,000 after acquiring an additional 4,792 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Eastern Bankshares by 39.2% during the 3rd quarter. Principal Financial Group Inc. now owns 22,928 shares of the company’s stock valued at $288,000 after acquiring an additional 6,460 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Eastern Bankshares by 26.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,218 shares of the company’s stock valued at $417,000 after acquiring an additional 6,856 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $13.08, for a total value of $526,967.04. Following the transaction, the director now owns 42,040 shares of the company’s stock, valued at $549,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.15% of the stock is owned by insiders.

Eastern Bankshares Stock Up 0.5 %

Shares of NASDAQ EBC opened at $13.62 on Thursday. The stock has a fifty day moving average price of $13.10 and a 200 day moving average price of $13.15. The company has a market cap of $2.40 billion, a P/E ratio of 4.78 and a beta of 0.88. Eastern Bankshares, Inc. has a 12-month low of $10.65 and a 12-month high of $15.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Friday, April 26th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $230.30 million for the quarter, compared to analyst estimates of $157.52 million. Eastern Bankshares had a return on equity of 5.75% and a net margin of 49.59%. During the same period in the prior year, the company posted $0.38 EPS. Research analysts anticipate that Eastern Bankshares, Inc. will post 1.13 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Friday, May 31st. Eastern Bankshares’s dividend payout ratio is presently 15.44%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research report on Friday, January 26th.

Eastern Bankshares Company Profile

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. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.