Azora Capital LP Acquires 916,875 Shares of Eastern Bankshares, Inc. $EBC

Azora Capital LP raised its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 54.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,597,878 shares of the company’s stock after purchasing an additional 916,875 shares during the quarter. Eastern Bankshares accounts for about 2.2% of Azora Capital LP’s portfolio, making the stock its 16th largest position. Azora Capital LP owned about 1.23% of Eastern Bankshares worth $47,151,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. HoldCo Asset Management LP bought a new position in shares of Eastern Bankshares in the 2nd quarter valued at about $79,534,000. Eastern Bank increased its stake in Eastern Bankshares by 6.2% during the third quarter. Eastern Bank now owns 1,547,906 shares of the company’s stock worth $28,094,000 after acquiring an additional 89,890 shares during the last quarter. Fourthstone LLC purchased a new stake in Eastern Bankshares during the second quarter valued at approximately $1,293,000. Norges Bank purchased a new stake in Eastern Bankshares during the second quarter valued at approximately $34,680,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Eastern Bankshares in the 3rd quarter valued at approximately $1,332,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Trading Down 0.4%

Shares of NASDAQ EBC opened at $18.79 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50 day moving average price is $20.22 and its 200-day moving average price is $18.85. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $22.58. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 45.83 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $290.11 million during the quarter, compared to analysts’ expectations of $287.09 million. Eastern Bankshares had a return on equity of 8.25% and a net margin of 8.32%. On average, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, March 6th. Eastern Bankshares’s dividend payout ratio (DPR) is 126.83%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on EBC shares. TD Cowen lifted their target price on Eastern Bankshares from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Barclays assumed coverage on shares of Eastern Bankshares in a research note on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 price objective for the company. Zacks Research upgraded shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Eastern Bankshares in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Eastern Bankshares has an average rating of “Moderate Buy” and an average price target of $22.13.

Insider Activity

In related news, CAO David Andrew Ahlquist sold 10,000 shares of Eastern Bankshares stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the sale, the chief accounting officer owned 9,518 shares in the company, valued at $206,064.70. This trade represents a 51.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO R David Rosato bought 5,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was bought at an average price of $19.17 per share, for a total transaction of $95,850.00. Following the completion of the purchase, the chief financial officer directly owned 45,000 shares in the company, valued at approximately $862,650. This represents a 12.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.10% 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.