Eastern Bankshares (NASDAQ:EBC) Reaches New 52-Week High – Here’s What Happened

Eastern Bankshares, Inc. (NASDAQ:EBC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $20.27 and last traded at $20.27, with a volume of 3002198 shares changing hands. The stock had previously closed at $19.16.

Analyst Ratings Changes

A number of research analysts have commented on EBC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Barclays began coverage on Eastern Bankshares in a research note on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 price target on the stock. TD Cowen reiterated a “buy” rating on shares of Eastern Bankshares in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Finally, Hovde Group started coverage on shares of Eastern Bankshares in a research report on Monday, January 5th. They set an “outperform” rating and a $22.50 target price on the stock. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.88.

Eastern Bankshares Stock Up 5.8%

The firm has a market cap of $4.27 billion, a P/E ratio of 13.12 and a beta of 0.81. The firm’s 50 day moving average is $18.81 and its two-hundred day moving average is $17.63. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 23rd. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). The firm had revenue of $244.99 million during the quarter, compared to analyst estimates of $243.03 million. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%. As a group, research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Wednesday, December 3rd were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.6%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 208.00%.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Joseph F. Casey sold 322,771 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total value of $6,142,332.13. Following the sale, the director directly owned 36,112 shares in the company, valued at $687,211.36. The trade was a 89.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert Francis Rivers purchased 50,000 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average cost of $17.21 per share, with a total value of $860,500.00. Following the completion of the purchase, the insider directly owned 403,274 shares in the company, valued at approximately $6,940,345.54. This represents a 14.15% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. lifted its stake in Eastern Bankshares by 8,112.5% in the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock valued at $30,000 after acquiring an additional 1,947 shares during the last quarter. Corsicana & Co. bought a new position in shares of Eastern Bankshares during the 3rd quarter worth approximately $36,000. Allworth Financial LP increased its holdings in shares of Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after acquiring an additional 584 shares during the last quarter. Federated Hermes Inc. bought a new stake in Eastern Bankshares in the 3rd quarter valued at $49,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Eastern Bankshares in the fourth quarter valued at about $52,000. Institutional investors own 71.68% of the company’s stock.

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.