Eastern Bankshares (NASDAQ:EBC) Given New $24.00 Price Target at TD Cowen

Eastern Bankshares (NASDAQ:EBC) had its price target hoisted by investment analysts at TD Cowen from $23.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 21.32% from the company’s previous close.

A number of other research analysts have also issued reports on EBC. Hovde Group initiated coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They set an “outperform” rating and a $22.50 price target on the stock. Barclays assumed coverage on Eastern Bankshares in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Zacks Research upgraded Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, December 5th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Eastern Bankshares has an average rating of “Moderate Buy” and an average target price of $22.13.

Eastern Bankshares Stock Down 1.3%

Eastern Bankshares stock traded down $0.27 during midday trading on Monday, hitting $19.78. 753,164 shares of the company’s stock were exchanged, compared to its average volume of 1,842,410. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.89 and a current ratio of 0.89. Eastern Bankshares has a 12 month low of $13.51 and a 12 month high of $20.89. The firm has a 50-day moving average of $18.97 and a two-hundred day moving average of $17.72. The company has a market cap of $4.17 billion, a PE ratio of 48.26 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. The company had revenue of $243.40 million for the quarter, compared to analyst estimates of $287.09 million. Eastern Bankshares had a return on equity of 8.62% and a net margin of 8.32%. As a group, analysts expect that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO R David Rosato purchased 10,000 shares of the stock in a transaction dated Tuesday, October 28th. The shares were purchased at an average cost of $17.08 per share, with a total value of $170,800.00. Following the completion of the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $512,400. The trade was a 50.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph F. Casey sold 322,771 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the transaction, the director owned 36,112 shares in the company, valued at $687,211.36. The trade was a 89.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. boosted its holdings in Eastern Bankshares by 8,112.5% during the 2nd quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock valued at $30,000 after acquiring an additional 1,947 shares during the period. Corsicana & Co. acquired a new stake in shares of Eastern Bankshares in the 3rd quarter valued at $36,000. Allworth Financial LP lifted its holdings in Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after buying an additional 584 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Eastern Bankshares during the third quarter worth approximately $49,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at $52,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Bankshares Company Profile

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.