Eastern Bankshares, Inc. (NASDAQ:EBC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) have received an average rating of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $22.1250.

Several research firms recently commented on EBC. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Hovde Group initiated coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They issued an “outperform” rating and a $22.50 price target for the company. Barclays began coverage on shares of Eastern Bankshares in a report on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 price objective for the company. Zacks Research upgraded shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Finally, TD Cowen lifted their target price on shares of Eastern Bankshares from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, January 26th.

Eastern Bankshares Trading Down 0.6%

NASDAQ:EBC opened at $21.79 on Thursday. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 53.15 and a beta of 0.81. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average price is $19.41 and its 200-day moving average price is $17.98. Eastern Bankshares has a 52 week low of $13.51 and a 52 week high of $22.58.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. The business had revenue of $243.40 million for the quarter, compared to analysts’ expectations of $287.09 million. Eastern Bankshares had a return on equity of 8.62% and a net margin of 8.32%. On average, equities research analysts forecast that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, March 6th. Eastern Bankshares’s dividend payout ratio is 126.83%.

Insider Activity

In other Eastern Bankshares news, insider Donald Michael Westermann sold 21,256 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $20.11, for a total value of $427,458.16. Following the transaction, the insider directly owned 20,860 shares of the company’s stock, valued at approximately $419,494.60. This trade represents a 50.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph F. Casey sold 322,771 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the sale, the director directly owned 36,112 shares of the company’s stock, valued at $687,211.36. The trade was a 89.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. World Investment Advisors bought a new stake in Eastern Bankshares during the fourth quarter valued at about $241,000. GRIMES & Co WEALTH MANAGEMENT LLC raised its stake in Eastern Bankshares by 75.9% during the 4th quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 26,214 shares of the company’s stock valued at $483,000 after purchasing an additional 11,313 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Eastern Bankshares by 28.0% in the 4th quarter. Sequoia Financial Advisors LLC now owns 19,868 shares of the company’s stock worth $366,000 after purchasing an additional 4,348 shares in the last quarter. Strs Ohio lifted its holdings in Eastern Bankshares by 427.5% in the 4th quarter. Strs Ohio now owns 26,900 shares of the company’s stock worth $496,000 after purchasing an additional 21,800 shares in the last quarter. Finally, Danske Bank A S boosted its stake in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the period. Institutional investors own 71.68% of the company’s stock.

About Eastern Bankshares

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.