HoldCo Asset Management LP Acquires 1,200,272 Shares of Eastern Bankshares, Inc. $EBC

HoldCo Asset Management LP lifted its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 23.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,408,772 shares of the company’s stock after buying an additional 1,200,272 shares during the period. Eastern Bankshares comprises 12.3% of HoldCo Asset Management LP’s holdings, making the stock its 4th largest position. HoldCo Asset Management LP’s holdings in Eastern Bankshares were worth $116,319,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Eastern Bankshares in the second quarter valued at about $34,680,000. FJ Capital Management LLC acquired a new position in Eastern Bankshares during the third quarter valued at approximately $17,721,000. Azora Capital LP boosted its position in Eastern Bankshares by 54.5% during the third quarter. Azora Capital LP now owns 2,597,878 shares of the company’s stock valued at $47,151,000 after purchasing an additional 916,875 shares during the last quarter. Wellington Management Group LLP grew its stake in Eastern Bankshares by 48.3% in the third quarter. Wellington Management Group LLP now owns 2,601,634 shares of the company’s stock valued at $47,220,000 after purchasing an additional 847,891 shares in the last quarter. Finally, Edgestream Partners L.P. increased its position in shares of Eastern Bankshares by 457.9% during the 2nd quarter. Edgestream Partners L.P. now owns 856,819 shares of the company’s stock worth $13,084,000 after purchasing an additional 703,237 shares during the last quarter. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Performance

EBC opened at $18.79 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $22.58. The business has a 50 day moving average of $20.22 and a 200-day moving average of $18.87. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 45.83 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 for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. Eastern Bankshares had a return on equity of 8.25% and a net margin of 8.32%.The business had revenue of $290.11 million for the quarter, compared to analyst estimates of $287.09 million. On average, equities research analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, March 6th. Eastern Bankshares’s payout ratio is 126.83%.

Wall Street Analyst Weigh In

EBC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, December 5th. Hovde Group assumed coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They issued an “outperform” rating and a $22.50 target price for the company. TD Cowen upped their price target on shares of Eastern Bankshares from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Barclays assumed coverage on shares of Eastern Bankshares in a research note on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 price target for the company. Finally, Zacks Research raised shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.13.

Insider Buying and Selling at Eastern Bankshares

In other news, insider Donald Michael Westermann sold 21,256 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $20.11, for a total value of $427,458.16. Following the transaction, the insider directly owned 20,860 shares of the company’s stock, valued at $419,494.60. This represents a 50.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO R David Rosato bought 5,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were bought at an average price of $19.17 per share, with a total value of $95,850.00. Following the purchase, the chief financial officer owned 45,000 shares in the company, valued at $862,650. The trade was a 12.50% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 1.10% of the company’s stock.

About Eastern Bankshares

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.