Eastern Bankshares, Inc. $EBC Shares Purchased by Empowered Funds LLC

by · The Markets Daily

Empowered Funds LLC grew its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) by 130.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 115,735 shares of the company’s stock after purchasing an additional 65,537 shares during the period. Empowered Funds LLC’s holdings in Eastern Bankshares were worth $2,264,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EBC. EverSource Wealth Advisors LLC raised its stake in shares of Eastern Bankshares by 87.1% in the 4th 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 during the period. Danske Bank A S lifted its holdings in shares of Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Eastern Bankshares during the 4th quarter worth $40,000. Flagship Harbor Advisors LLC purchased a new stake in Eastern Bankshares during the 4th quarter worth $52,000. Finally, SHP Wealth Management acquired a new stake in Eastern Bankshares in the 4th quarter valued at $52,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on EBC shares. Stephens lowered Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective on the stock. in a research report on Tuesday, July 28th. Barclays reduced their price objective on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods upped their target price on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Hovde Group increased their target price on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.86.

View Our Latest Analysis on Eastern Bankshares

Eastern Bankshares Price Performance

EBC opened at $23.19 on Thursday. Eastern Bankshares, Inc. has a twelve month low of $14.95 and a twelve month high of $23.75. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 13.18 and a beta of 0.68. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $21.73 and a 200 day simple moving average of $20.68.

Eastern Bankshares (NASDAQ:EBC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $316.00 million during the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Equities research analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.6%. Eastern Bankshares’s payout ratio is currently 34.09%.

Insider Activity

In other news, Director Luis Borgen sold 1,710 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the transaction, the director directly 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 filing with the SEC, which can be accessed through this hyperlink. 1.26% of the stock is currently owned by insiders.

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.

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