Raffles Associates LP Invests $8.34 Million in Eastern Bankshares, Inc. $EBC

Raffles Associates LP bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 374,788 shares of the company’s stock, valued at approximately $8,335,000. Eastern Bankshares accounts for about 6.8% of Raffles Associates LP’s investment portfolio, making the stock its 3rd biggest holding. Raffles Associates LP owned 0.16% of Eastern Bankshares as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after purchasing an additional 762 shares during the last quarter. Danske Bank A S grew its position 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 worth $35,000 after buying an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Eastern Bankshares in the fourth quarter worth $40,000. SHP Wealth Management bought a new stake in shares of Eastern Bankshares in the fourth quarter worth $52,000. Finally, Trust Co. of Vermont acquired a new stake in Eastern Bankshares in the second quarter valued at $55,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Eastern Bankshares in a research report on Friday, August 7th. DA Davidson boosted their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Piper Sandler restated an “overweight” rating and set a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Hovde Group boosted their price target on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, TD Cowen lifted their price objective on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Eastern Bankshares currently has a consensus rating of “Moderate Buy” and an average price target of $24.86.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total value of $227,200.00. Following the sale, the director directly owned 62,079 shares in the company, valued at approximately $1,410,434.88. This trade represents a 13.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,419 shares of company stock valued at $769,381 over the last three months. 1.26% of the stock is currently owned by company insiders.

Eastern Bankshares Stock Down 1.2%

Shares of Eastern Bankshares stock opened at $22.36 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The business’s 50 day simple moving average is $22.55 and its 200-day simple moving average is $20.95. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 12.70 and a beta of 0.68. Eastern Bankshares, Inc. has a twelve month low of $16.50 and a twelve month high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Equities research analysts forecast that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s payout ratio is presently 34.09%.

About Eastern Bankshares

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.