374,788 Shares in Eastern Bankshares, Inc. $EBC Acquired by Raffles Associates LP

Raffles Associates LP bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 374,788 shares of the company’s stock, valued at approximately $8,335,000. Eastern Bankshares makes up about 6.8% of Raffles Associates LP’s holdings, making the stock its 3rd largest holding.

Several other institutional investors also recently modified their holdings of EBC. Hsbc Holdings PLC acquired a new stake in shares of Eastern Bankshares during the second quarter worth $407,000. Canada Pension Plan Investment Board purchased a new position in Eastern Bankshares in the 2nd quarter worth about $13,791,000. Legal & General Group Plc purchased a new position in Eastern Bankshares in the 2nd quarter worth about $10,714,000. The Manufacturers Life Insurance Company acquired a new stake in Eastern Bankshares during the 2nd quarter worth about $28,708,000. Finally, Algert Global LLC purchased a new stake in Eastern Bankshares during the second quarter valued at about $1,474,000. Institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

EBC has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Eastern Bankshares in a research report on Friday, August 7th. Stephens downgraded shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price on the stock. in a research note on Tuesday, July 28th. TD Cowen increased their target price on Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Seaport Research Partners reiterated a “buy” rating and set a $27.00 price target on shares of Eastern Bankshares in a report on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.86.

Insider Activity

In other Eastern Bankshares news, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total value of $227,200.00. Following the completion of the sale, the director directly owned 62,079 shares in the company, valued at $1,410,434.88. The trade was a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the director directly owned 20,475 shares of the company’s stock, valued at $464,987.25. This represents a 7.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 33,419 shares of company stock valued at $769,381. 1.26% of the stock is owned by corporate insiders.

Eastern Bankshares Stock Performance

Shares of EBC opened at $22.36 on Wednesday. The company has a market capitalization of $5.11 billion, a PE ratio of 12.70 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. The company’s 50 day moving average price is $22.55 and its 200 day moving average price is $20.95. Eastern Bankshares, Inc. has a 52 week low of $16.50 and a 52 week high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. Research analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. Eastern Bankshares’s dividend payout ratio (DPR) 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.