Joseph Casey Sells 1,778 Shares of Eastern Bankshares (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Joseph Casey sold 1,778 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $22.69, for a total transaction of $40,342.82. Following the completion of the transaction, the director owned 60,301 shares of the company’s stock, valued at $1,368,229.69. This trade represents a 2.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Eastern Bankshares Trading Up 0.0%

Shares of NASDAQ:EBC opened at $22.41 on Friday. Eastern Bankshares, Inc. has a 12 month low of $16.61 and a 12 month high of $23.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $22.63 and its 200 day simple moving average is $20.96. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 12.73 and a beta of 0.68.

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. The business had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. As a group, research analysts forecast that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The company also recently declared 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s payout ratio is 34.09%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Seaport Research Partners reiterated a “buy” rating and set a $27.00 price objective on shares of Eastern Bankshares in a report on Monday, July 27th. DA Davidson boosted their target price on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Stephens downgraded Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target for the company. in a research report on Tuesday, July 28th. Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

Hedge Funds Weigh In On Eastern Bankshares

A number of large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its holdings in shares of Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after acquiring an additional 762 shares in the last quarter. Danske Bank A S raised 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 worth $35,000 after acquiring an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares during the fourth quarter valued at approximately $40,000. SHP Wealth Management bought a new position in Eastern Bankshares in the fourth quarter valued at approximately $52,000. Finally, Trust Co. of Vermont acquired a new position in shares of Eastern Bankshares during the 2nd quarter worth approximately $55,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

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.