Eastern Bankshares (NASDAQ:EBC) Reaches New 52-Week High Following Analyst Upgrade

Eastern Bankshares, Inc. (NASDAQ:EBC)’s share price hit a new 52-week high on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $23.00 to $25.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Eastern Bankshares traded as high as $23.61 and last traded at $23.55, with a volume of 5837827 shares trading hands. The stock had previously closed at $23.10.

EBC has been the subject of a number of other reports. DA Davidson upped their price target on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Hovde Group lifted their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research report on Monday. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a report on Monday. Finally, Barclays decreased their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Eastern Bankshares has an average rating of “Moderate Buy” and a consensus price target of $24.86.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the sale, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eastern Bankshares

A number of institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares during the last quarter. Danske Bank A S boosted its holdings in Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eastern Bankshares in the fourth quarter valued at about $40,000. Allworth Financial LP increased its stake in shares of Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after purchasing an additional 584 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Eastern Bankshares during the 4th quarter worth about $52,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Up 1.9%

The firm has a 50-day moving average of $21.26 and a two-hundred day moving average of $20.49. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 13.38 and a beta of 0.67. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The company had revenue of $316.00 million for the quarter, compared to the consensus estimate of $308.20 million. As a group, sell-side analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. Eastern Bankshares’s dividend payout ratio is 34.09%.

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.