1,191,380 Shares in Eastern Bankshares, Inc. $EBC Acquired by Basswood Capital Management L.L.C.

by · The Markets Daily

Basswood Capital Management L.L.C. bought a new position in Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) in the fourth quarter, Holdings Channel reports. The firm bought 1,191,380 shares of the company’s stock, valued at approximately $21,957,000.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in Eastern Bankshares by 87.1% in 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 in the last quarter. Danske Bank A S boosted its stake in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares in the last quarter. Allworth Financial LP boosted its stake in Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after purchasing an additional 584 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Eastern Bankshares in the 4th quarter worth approximately $52,000. Finally, Bayforest Capital Ltd acquired a new stake in Eastern Bankshares in the 4th quarter worth approximately $60,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Stock Performance

EBC opened at $20.75 on Friday. Eastern Bankshares, Inc. has a 12-month low of $14.10 and a 12-month high of $22.58. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $4.80 billion, a PE ratio of 11.66 and a beta of 0.69. The firm has a 50 day moving average of $20.10 and a two-hundred day moving average of $19.81.

Eastern Bankshares (NASDAQ:EBC – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $308.68 million. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio (DPR) is presently 33.71%.

Analysts Set New Price Targets

A number of research firms recently commented on EBC. Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Stephens began coverage on shares of Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price for the company. DA Davidson began coverage on shares of Eastern Bankshares in a research note on Friday, May 15th. They issued a “buy” rating and a $24.00 target price for the company. Finally, TD Cowen lowered their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Eastern Bankshares has an average rating of “Moderate Buy” and an average target price of $22.92.

Check Out Our Latest Stock Report on Eastern Bankshares

About Eastern Bankshares

(Free Report)

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.

Further Reading

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