Eastern Bankshares (NASDAQ:EBC) Hits New 52-Week High – Should You Buy?

Eastern Bankshares, Inc. (NASDAQ:EBC) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.63 and last traded at $22.62, with a volume of 248757 shares traded. The stock had previously closed at $22.24.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings raised Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Barclays decreased their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. TD Cowen dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 27th. 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 target price for the company. Finally, DA Davidson initiated coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Eastern Bankshares has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.

Eastern Bankshares Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 12.75 and a beta of 0.69. The business has a fifty day moving average price of $20.25 and a 200 day moving average price of $20.00.

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

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, June 5th. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio is 33.71%.

Insider Activity

In related news, Director Luis Borgen sold 1,709 shares of Eastern Bankshares 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 sale, the director directly owned 22,185 shares of the company’s stock, valued at approximately $487,404.45. The trade was a 7.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.26% of the company’s stock.

Institutional Trading of Eastern Bankshares

Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after buying an additional 762 shares during the last quarter. Danske Bank A S lifted its stake in shares of Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eastern Bankshares during the 4th quarter valued at $40,000. Allworth Financial LP boosted 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 valued at $40,000 after acquiring an additional 584 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Eastern Bankshares during the 4th quarter worth $52,000. Institutional investors and hedge funds 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.