Eastern Bankshares, Inc. $EBC Shares Sold by Northstar Asset Management Inc.

Northstar Asset Management Inc. trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 86.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,430 shares of the company’s stock after selling 225,225 shares during the quarter. Northstar Asset Management Inc.’s holdings in Eastern Bankshares were worth $766,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Eastern Bankshares by 38.0% in the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock valued at $3,254,000 after purchasing an additional 54,664 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Eastern Bankshares in the 1st quarter valued at $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 buying an additional 5,028 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Eastern Bankshares by 7.4% during 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 during the period. Finally, Jane Street Group LLC lifted its holdings in shares of Eastern Bankshares by 789.9% during the first quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock worth $8,948,000 after purchasing an additional 484,277 shares during the period. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Stock Performance

Shares of EBC stock opened at $23.52 on Friday. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 13.36 and a beta of 0.68. The company’s 50-day simple moving average is $22.14 and its 200-day simple moving average is $20.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.88. Eastern Bankshares, Inc. has a one year low of $15.71 and a one year high of $23.75.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The company had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. Equities analysts anticipate that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.6%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 34.09%.

Analyst Upgrades and Downgrades

EBC has been the subject of several analyst reports. Seaport Research Partners reissued a “buy” rating and set a $27.00 price target on shares of Eastern Bankshares in a report on Monday, July 27th. Barclays dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods increased their target price on Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, July 27th. TD Cowen raised their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, DA Davidson boosted their price target on Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.86.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the business’s stock in a transaction that occurred on 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 transaction, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.26% of the company’s stock.

Eastern Bankshares 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.