Crestwood Advisors Group LLC Sells 8,570 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Crestwood Advisors Group LLC decreased its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 16.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,628 shares of the company’s stock after selling 8,570 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Eastern Bankshares were worth $753,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC grew its position in Eastern Bankshares by 18.3% during the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after buying an additional 802 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in Eastern Bankshares during the third quarter valued at about $191,000. Ballentine Partners LLC bought a new position in Eastern Bankshares during the third quarter valued at about $240,000. PFG Investments LLC bought a new position in Eastern Bankshares during the third quarter valued at about $215,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after buying an additional 3,988 shares during the period. Institutional investors own 71.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Deborah C. Jackson sold 5,713 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total value of $106,033.28. Following the sale, the director now directly owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. This represents a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.15% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Eastern Bankshares in a research report on Monday, January 27th.

Eastern Bankshares Stock Up 0.9 %

Shares of NASDAQ:EBC opened at $17.67 on Wednesday. The firm has a market capitalization of $3.79 billion, a PE ratio of 26.37 and a beta of 0.94. Eastern Bankshares, Inc. has a twelve month low of $12.22 and a twelve month high of $19.40. The company has a 50-day moving average price of $17.78 and a two-hundred day moving average price of $17.28.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. Analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.72%. Eastern Bankshares’s dividend payout ratio is presently 71.64%.

Eastern Bankshares Profile

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.