Geode Capital Management LLC Increases Stake in Eastern Bankshares, Inc. $EBC

Geode Capital Management LLC raised its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,732,472 shares of the company’s stock after acquiring an additional 31,228 shares during the quarter. Geode Capital Management LLC owned approximately 2.22% of Eastern Bankshares worth $72,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Verdence Capital Advisors LLC raised its holdings in Eastern Bankshares by 2.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 30,532 shares of the company’s stock worth $466,000 after purchasing an additional 840 shares during the period. Teacher Retirement System of Texas increased its position in Eastern Bankshares by 3.3% in the second quarter. Teacher Retirement System of Texas now owns 29,194 shares of the company’s stock worth $446,000 after buying an additional 942 shares in the last quarter. Savant Capital LLC raised its stake in shares of Eastern Bankshares by 3.1% in the second quarter. Savant Capital LLC now owns 31,885 shares of the company’s stock worth $487,000 after buying an additional 973 shares during the period. Bryce Point Capital LLC raised its stake in shares of Eastern Bankshares by 2.4% in the second quarter. Bryce Point Capital LLC now owns 45,216 shares of the company’s stock worth $690,000 after buying an additional 1,072 shares during the period. Finally, CWM LLC lifted its position in shares of Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock valued at $44,000 after buying an additional 1,360 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Up 4.4%

Shares of EBC opened at $18.21 on Friday. The business’s 50 day moving average is $17.87 and its 200 day moving average is $16.45. The company has a market capitalization of $3.84 billion, a PE ratio of 72.84 and a beta of 0.95. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40. 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 (NASDAQ:EBC) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share for the quarter. The business had revenue of $162.26 million during the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%. Research analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, December 3rd will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, December 3rd. Eastern Bankshares’s payout ratio is currently 208.00%.

Insider Buying and Selling at Eastern Bankshares

In related news, insider Robert Francis Rivers purchased 50,000 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were acquired at an average price of $17.21 per share, for a total transaction of $860,500.00. Following the purchase, the insider directly owned 403,274 shares in the company, valued at $6,940,345.54. This trade represents a 14.15% 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, President Quincy Lee Miller acquired 13,706 shares of the company’s stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, with a total value of $233,961.42. Following the acquisition, the president directly owned 13,706 shares in the company, valued at approximately $233,961.42. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 73,706 shares of company stock worth $1,265,261. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Cowen started coverage on shares of Eastern Bankshares in a report on Wednesday, September 24th. They issued a “buy” rating for the company. TD Cowen began coverage on shares of Eastern Bankshares in a research report on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a research note on Monday, November 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Eastern Bankshares Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.