Empowered Funds LLC Purchases New Stake in Eastern Bankshares, Inc. $EBC

Empowered Funds LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 118,855 shares of the company’s stock, valued at approximately $2,643,000. Empowered Funds LLC owned 0.05% of Eastern Bankshares as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of EBC. EverSource Wealth Advisors LLC increased its holdings in Eastern Bankshares by 32.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock valued at $42,000 after buying an additional 529 shares during the period. 1620 Investment Advisors Inc. boosted its position in shares of Eastern Bankshares by 8.3% during the 4th quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock worth $131,000 after acquiring an additional 543 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Eastern Bankshares by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock worth $513,000 after acquiring an additional 584 shares in the last quarter. California State Teachers Retirement System increased its stake in Eastern Bankshares by 0.4% in the second quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock valued at $2,739,000 after acquiring an additional 660 shares during the last quarter. Finally, Orion Porfolio Solutions LLC increased its stake in Eastern Bankshares by 6.0% in the second quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock valued at $200,000 after acquiring an additional 740 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Stock Up 2.4%

Shares of NASDAQ:EBC opened at $22.01 on Thursday. The company has a fifty day moving average of $22.71 and a 200-day moving average of $20.97. The company has a market capitalization of $5.03 billion, a PE ratio of 12.51 and a beta of 0.66. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders 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 2.7%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 34.09%.

Insider Activity

In other news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares 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 sale, the director directly owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Donald Michael Westermann sold 23,005 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total value of $492,997.15. Following the sale, the insider owned 22,565 shares in the company, valued at approximately $483,567.95. This trade represents a 50.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 68,609 shares of company stock valued at $1,529,281. 1.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Eastern Bankshares in a research note on Friday, August 7th. TD Cowen raised 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. Keefe, Bruyette & Woods lifted their price target on Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. DA Davidson boosted their price target on Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Stephens downgraded Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective for the company. in a research report on Tuesday, July 28th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

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.