Eastern Bankshares, Inc. (NASDAQ:EBC) President Quincy Lee Miller Sells 12,676 Shares of Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Eastern Bankshares Price Performance

EBC opened at $16.53 on Friday. The firm has a market capitalization of $2.92 billion, a PE ratio of 5.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The business’s 50-day moving average is $15.58 and its two-hundred day moving average is $14.07. Eastern Bankshares, Inc. has a 1 year low of $10.65 and a 1 year high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $232.72 million for the quarter, compared to analyst estimates of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period in the previous year, the company earned $0.28 earnings per share. Research analysts anticipate that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.66%. Eastern Bankshares’s payout ratio is presently 15.44%.

Institutional Trading of Eastern Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Eastern Bankshares during the fourth quarter worth about $24,543,000. The Manufacturers Life Insurance Company lifted its stake in shares of Eastern Bankshares by 1,965.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,622,734 shares of the company’s stock valued at $23,043,000 after purchasing an additional 1,544,181 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Eastern Bankshares by 24.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after buying an additional 950,150 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Eastern Bankshares by 58.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,079,028 shares of the company’s stock valued at $29,065,000 after buying an additional 764,881 shares during the period. Finally, Jennison Associates LLC grew its position in Eastern Bankshares by 23.8% during the first quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after buying an additional 576,381 shares during the period. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on EBC. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th.

About Eastern Bankshares

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.