TD Cowen Issues Pessimistic Forecast for Eastern Bankshares (NASDAQ:EBC) Stock Price

Eastern Bankshares (NASDAQ:EBC) had its price objective dropped by TD Cowen from $26.00 to $25.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 17.92% from the company’s current price.

Several other research analysts have also recently issued reports on EBC. Stephens cut shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price for the company. in a report on Tuesday, July 28th. Hovde Group upped their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the company 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 note on Friday, August 7th. Seaport Research Partners reissued a “buy” rating and issued a $27.00 target price on shares of Eastern Bankshares in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods upped their price target on Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Eastern Bankshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

Eastern Bankshares Trading Down 0.2%

NASDAQ EBC opened at $21.20 on Monday. The firm has a market capitalization of $4.84 billion, a PE ratio of 12.05 and a beta of 0.70. The stock’s 50 day moving average is $22.22 and its 200 day moving average is $21.23. Eastern Bankshares has a twelve month low of $16.61 and a twelve month high of $23.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data 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 return on equity of 8.71% and a net margin of 25.12%.The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Research analysts forecast that Eastern Bankshares will post 1.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eastern Bankshares news, Director Joseph Casey sold 1,778 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $22.69, for a total transaction of $40,342.82. Following the completion of the sale, the director directly owned 60,301 shares in the company, valued at approximately $1,368,229.69. The trade was a 2.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald Westermann sold 23,005 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $21.43, for a total value of $492,997.15. Following the transaction, the insider directly owned 22,565 shares in the company, valued at $483,567.95. The trade was a 50.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 65,190 shares of company stock valued at $1,452,900. 1.26% of the stock is currently owned by insiders.

Institutional Trading of Eastern Bankshares

A number of hedge funds have recently bought and sold shares of EBC. BlackRock Inc. bought a new stake in shares of Eastern Bankshares during the 2nd quarter valued at about $498,672,000. State Street Corp lifted its stake in shares of Eastern Bankshares by 42.3% in the 2nd quarter. State Street Corp now owns 12,124,657 shares of the company’s stock worth $269,652,000 after purchasing an additional 3,603,128 shares during the period. Jennison Associates LLC boosted its holdings in shares of Eastern Bankshares by 28.9% in the first quarter. Jennison Associates LLC now owns 6,846,216 shares of the company’s stock worth $133,912,000 after buying an additional 1,535,094 shares during the last quarter. Norges Bank bought a new stake in Eastern Bankshares during the fourth quarter valued at approximately $33,548,000. Finally, Bank of America Corp DE bought a new stake in Eastern Bankshares during the second quarter valued at approximately $38,188,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual bank franchises in the United States before becoming a publicly traded company in 2020.

Eastern Bank provides banking and financial services to businesses, organizations, professionals and individual consumers. Its offerings include commercial and residential lending, business and personal deposit accounts, cash-management and treasury services, consumer banking, mortgage services, wealth management and investment services.

The company primarily serves communities in eastern Massachusetts and southern New Hampshire through a network of banking offices and digital banking channels.