Endeavour Capital Advisors Inc. Trims Stake in Eastern Bankshares, Inc. $EBC

Endeavour Capital Advisors Inc. trimmed its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 9.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 377,776 shares of the company’s stock after selling 39,280 shares during the period. Eastern Bankshares comprises 1.9% of Endeavour Capital Advisors Inc.’s investment portfolio, making the stock its 22nd largest position. Endeavour Capital Advisors Inc.’s holdings in Eastern Bankshares were worth $6,962,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its holdings in shares of Eastern Bankshares by 87.1% during the fourth 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 shares of Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after purchasing an additional 1,600 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after buying an additional 584 shares during the period. Federated Hermes Inc. bought a new position in Eastern Bankshares in the third quarter valued at about $49,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Eastern Bankshares in the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $19.85 on Tuesday. The stock has a market cap of $4.59 billion, a P/E ratio of 11.15 and a beta of 0.70. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. Eastern Bankshares, Inc. has a 52-week low of $14.10 and a 52-week high of $22.58. The business’s 50 day moving average is $19.82 and its 200 day moving average is $19.57.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The business had revenue of $295.90 million during the quarter, compared to analysts’ expectations of $308.68 million. Sell-side analysts predict that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio is presently 29.21%.

Insider Buying and Selling

In other news, CFO R David Rosato purchased 5,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $19.17 per share, with a total value of $95,850.00. Following the completion of the transaction, the chief financial officer owned 45,000 shares in the company, valued at $862,650. This represents a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on EBC shares. Stephens initiated coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 target price on the stock. Piper Sandler started coverage on shares of Eastern Bankshares in a research note on Monday, March 16th. They set an “overweight” rating and a $23.00 target price for the company. Weiss Ratings raised Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Barclays decreased their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, April 27th. Finally, DA Davidson assumed coverage on Eastern Bankshares in a research report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.92.

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.