Eastern Bankshares (NASDAQ:EBC) Director Sells $37,546.73 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,709 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $21.97, for a total transaction of $37,546.73. Following the completion of the sale, the director owned 22,185 shares of the company’s stock, valued at approximately $487,404.45. This represents a 7.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Eastern Bankshares Price Performance

NASDAQ EBC opened at $22.36 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50 day moving average price is $20.33 and its 200-day moving average price is $20.03. Eastern Bankshares, Inc. has a 52-week low of $14.88 and a 52-week high of $22.89. The company has a market cap of $5.17 billion, a PE ratio of 12.56 and a beta of 0.67.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The business had revenue of $295.90 million during the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. Sell-side analysts forecast that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on EBC. Stephens started coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price on the stock. Piper Sandler increased their price target on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. DA Davidson began coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target on the stock. TD Cowen cut their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.08.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in shares of Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after acquiring an additional 762 shares in the last quarter. Danske Bank A S grew its position in Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the last quarter. Allworth Financial LP grew its position 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 purchasing an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares during the 4th quarter valued at approximately $40,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares during the 4th quarter valued at approximately $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.