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

Eastern Bankshares, Inc. (NASDAQ:EBC) reached a new 52-week high during trading on Thursday . The stock traded as high as $23.09 and last traded at $23.1620, with a volume of 150636 shares traded. The stock had previously closed at $22.68.

Analyst Ratings Changes

EBC has been the subject of a number of recent analyst reports. Stephens initiated coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price for the company. TD Cowen reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research report on Monday, June 8th. Finally, DA Davidson initiated coverage on Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Eastern Bankshares has a consensus rating of “Moderate Buy” and an average price target of $23.08.

Eastern Bankshares Trading Up 2.6%

The firm has a market capitalization of $5.38 billion, a P/E ratio of 13.08 and a beta of 0.67. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $20.72 and a 200-day simple moving average of $20.25.

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 the consensus estimate of $0.44 by ($0.04). The business had revenue of $295.90 million during the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. On average, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

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

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings in Eastern Bankshares by 87.1% in the 4th 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 grew its holdings in Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after purchasing an additional 1,600 shares during the period. Allworth Financial LP grew its holdings in Eastern Bankshares by 36.4% during the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after purchasing an additional 584 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Eastern Bankshares in the fourth quarter worth about $40,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Eastern Bankshares in the fourth quarter worth about $52,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

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.