Endeavour Capital Advisors Inc. Increases Holdings in Eastern Bankshares, Inc. $EBC

Endeavour Capital Advisors Inc. boosted its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 27.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 417,056 shares of the company’s stock after purchasing an additional 90,779 shares during the period. Eastern Bankshares comprises 2.3% of Endeavour Capital Advisors Inc.’s investment portfolio, making the stock its 17th biggest position. Endeavour Capital Advisors Inc. owned approximately 0.20% of Eastern Bankshares worth $7,570,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. HoldCo Asset Management LP acquired a new stake in Eastern Bankshares in the second quarter valued at $79,534,000. Norges Bank acquired a new stake in Eastern Bankshares in the 2nd quarter valued at about $34,680,000. Jupiter Asset Management Ltd. increased its holdings in Eastern Bankshares by 341.8% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,001,190 shares of the company’s stock valued at $15,288,000 after acquiring an additional 774,553 shares in the last quarter. Edgestream Partners L.P. raised its position in Eastern Bankshares by 457.9% during the second quarter. Edgestream Partners L.P. now owns 856,819 shares of the company’s stock worth $13,084,000 after acquiring an additional 703,237 shares during the last quarter. Finally, Algebris UK Ltd. acquired a new position in Eastern Bankshares during the third quarter worth about $9,298,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO David Andrew Ahlquist sold 10,000 shares of Eastern Bankshares stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the transaction, the chief accounting officer owned 9,518 shares in the company, valued at approximately $206,064.70. This trade represents a 51.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph F. Casey sold 322,771 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total value of $6,142,332.13. Following the sale, the director owned 36,112 shares of the company’s stock, valued at $687,211.36. This represents a 89.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 354,027 shares of company stock valued at $6,786,290 in the last ninety days. Company insiders own 1.10% of the company’s stock.

Eastern Bankshares Stock Down 1.1%

Shares of NASDAQ:EBC opened at $21.36 on Thursday. The stock’s 50-day moving average price is $19.91 and its two-hundred day moving average price is $18.38. 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, Inc. has a 12-month low of $13.51 and a 12-month high of $22.58. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 52.10 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.03. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.62%. The business had revenue of $243.40 million for the quarter, compared to analyst estimates of $287.09 million. On average, research analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $0.52 annualized dividend and a dividend yield of 2.4%. Eastern Bankshares’s payout ratio is currently 126.83%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Barclays started coverage on Eastern Bankshares in a report on Wednesday, December 17th. They set an “equal weight” rating and a $22.00 target price on the stock. Zacks Research raised Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Hovde Group started coverage on Eastern Bankshares in a research report on Monday, January 5th. They issued an “outperform” rating and a $22.50 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, December 5th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.13.

Eastern Bankshares 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.