Eastern Bankshares (NASDAQ:EBC) Director Luis Borgen Sells 1,710 Shares of Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,710 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the sale, the director owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Luis Borgen also recently made the following trade(s):

• On Monday, June 29th, Luis Borgen sold 1,709 shares of Eastern Bankshares stock. The stock was sold at an average price of $21.97, for a total value of $37,546.73.

Eastern Bankshares Stock Down 0.8%

Shares of EBC stock opened at $22.52 on Wednesday. Eastern Bankshares, Inc. has a 12 month low of $14.88 and a 12 month high of $22.89. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $5.21 billion, a PE ratio of 12.65 and a beta of 0.67. The stock has a 50 day moving average of $20.47 and a 200-day moving average of $20.11.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The company had revenue of $295.90 million during the quarter, compared to analyst estimates of $308.68 million. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were given a $0.15 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.60 annualized dividend and a yield of 2.7%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio (DPR) is 33.71%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. DA Davidson began coverage on shares of Eastern Bankshares in a research report on Friday, May 15th. They set a “buy” rating and a $24.00 price objective for the company. Stephens started coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 target price on the stock. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Barclays cut their price target on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. Finally, TD Cowen reduced their price objective on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.08.

Hedge Funds Weigh In On Eastern Bankshares

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in Eastern Bankshares by 38.0% during the first quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock worth $3,254,000 after buying an additional 54,664 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Eastern Bankshares in the first quarter valued at approximately $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Eastern Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock valued at $1,884,000 after acquiring an additional 5,028 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Eastern Bankshares by 7.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company’s stock worth $7,091,000 after acquiring an additional 29,781 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Eastern Bankshares by 789.9% in the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock worth $8,948,000 after acquiring an additional 484,277 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

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.