Joseph Casey Sells 10,000 Shares of Eastern Bankshares (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Joseph Casey sold 10,000 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $22.96, for a total transaction of $229,600.00. Following the completion of the sale, the director directly owned 72,079 shares of the company’s stock, valued at $1,654,933.84. The trade was a 12.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC traded down $0.10 during midday trading on Monday, reaching $22.64. 1,587,056 shares of the company were exchanged, compared to its average volume of 2,539,358. The stock has a market cap of $5.17 billion, a P/E ratio of 12.86 and a beta of 0.68. Eastern Bankshares, Inc. has a 1 year low of $16.50 and a 1 year high of $23.77. The stock has a fifty day simple moving average of $22.47 and a 200 day simple moving average of $20.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The firm had revenue of $316.01 million during the quarter, compared to the consensus estimate of $308.20 million. On average, research analysts forecast that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. Eastern Bankshares’s payout ratio is presently 34.09%.

Analyst Ratings Changes

EBC has been the subject of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Barclays dropped their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods raised their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. TD Cowen lifted their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Hovde Group boosted their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.86.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its position in shares of Eastern Bankshares by 87.1% during 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 in the last quarter. Danske Bank A S raised its stake 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 buying an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eastern Bankshares in the fourth quarter valued at about $40,000. Trust Co. of Vermont acquired a new stake in Eastern Bankshares during the 2nd quarter valued at $55,000. Finally, Allworth Financial LP acquired a new stake in shares of Eastern Bankshares during the second quarter valued at $57,000. Hedge funds and other 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.