Eastern Bankshares (NASDAQ:EBC) Director Luis Borgen Sells 1,709 Shares

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,709 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $21.97, for a total transaction of $37,546.73. Following the completion of the sale, the director owned 22,185 shares in the company, valued at $487,404.45. This represents a 7.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Eastern Bankshares Stock Up 0.8%

Shares of EBC opened at $22.24 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. Eastern Bankshares, Inc. has a 52 week low of $14.88 and a 52 week high of $22.58. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of 12.49 and a beta of 0.69. The stock has a fifty day moving average of $20.25 and a 200-day moving average of $20.00.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The firm had revenue of $295.90 million for the quarter, compared to the consensus estimate of $308.68 million. As a group, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, June 5th. Eastern Bankshares’s dividend payout ratio (DPR) is presently 33.71%.

Wall Street Analyst Weigh In

EBC has been the subject of a number of research reports. Piper Sandler raised their price objective on shares of Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Stephens began coverage on shares of Eastern Bankshares in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price target for the company. DA Davidson began coverage on shares of Eastern Bankshares in a research note on Friday, May 15th. They set a “buy” rating and a $24.00 price target for the company. Finally, TD Cowen cut their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Eastern Bankshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S boosted its position in shares of Eastern Bankshares by 533.3% during 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eastern Bankshares in the 4th quarter valued at about $40,000. Allworth Financial LP increased its position in Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after buying an additional 584 shares in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds 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.