Eastern Bankshares (NASDAQ:EBC) Given New $24.00 Price Target at TD Cowen

Eastern Bankshares (NASDAQ:EBC) had its price target hoisted by TD Cowen from $23.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 21.32% from the company’s current price.

A number of other analysts have also commented on the stock. Hovde Group began coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They issued an “outperform” rating and a $22.50 price target for the company. Barclays assumed coverage on shares of Eastern Bankshares in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 target price for the company. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Zacks Research upgraded shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. Finally, Weiss Ratings reissued 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.13.

Eastern Bankshares Stock Down 1.3%

EBC stock traded down $0.27 during midday trading on Monday, hitting $19.78. The company’s stock had a trading volume of 753,164 shares, compared to its average volume of 1,842,410. The firm’s 50-day moving average is $18.97 and its 200-day moving average is $17.72. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a 12 month low of $13.51 and a 12 month high of $20.89. The company has a market cap of $4.17 billion, a PE ratio of 48.26 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results 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. Eastern Bankshares had a return on equity of 8.62% and a net margin of 8.32%.The firm had revenue of $243.40 million for the quarter, compared to the consensus estimate of $287.09 million. On average, equities research analysts forecast that Eastern Bankshares will post 1.49 earnings per share for the current fiscal year.

Insider Transactions at Eastern Bankshares

In other news, CFO R David Rosato bought 10,000 shares of the stock in a transaction dated Tuesday, October 28th. The stock was purchased at an average cost of $17.08 per share, for a total transaction of $170,800.00. Following the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at $512,400. The trade was a 50.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph F. Casey sold 322,771 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the completion of the sale, the director owned 36,112 shares in the company, valued at $687,211.36. This represents a 89.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Eastern Bankshares

Several large investors have recently modified their holdings of the stock. HoldCo Asset Management LP purchased a new stake in Eastern Bankshares in the second quarter worth $79,534,000. Fourthstone LLC purchased a new stake in shares of Eastern Bankshares during the second quarter valued at $1,293,000. Norges Bank bought a new position in shares of Eastern Bankshares in the second quarter worth about $34,680,000. Eastern Bank increased its stake in Eastern Bankshares by 6.2% in the 3rd quarter. Eastern Bank now owns 1,547,906 shares of the company’s stock worth $28,094,000 after buying an additional 89,890 shares during the period. Finally, Anderson Financial Strategies LLC purchased a new position in Eastern Bankshares in the 2nd quarter worth about $950,000. 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.