Quincy Lee Miller Sells 12,676 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Eastern Bankshares Stock Performance

Shares of EBC traded down $0.12 on Thursday, reaching $16.53. The company’s stock had a trading volume of 950,274 shares, compared to its average volume of 1,014,588. The stock’s 50 day simple moving average is $15.52 and its two-hundred day simple moving average is $14.05. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $2.92 billion, a P/E ratio of 5.82 and a beta of 0.89. Eastern Bankshares, Inc. has a 12-month low of $10.65 and a 12-month high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $232.72 million for the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same quarter last year, the company posted $0.28 EPS. Research analysts forecast that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Tuesday, September 3rd. Eastern Bankshares’s payout ratio is 15.44%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EBC. Sachetta LLC bought a new position in shares of Eastern Bankshares in the second quarter worth about $35,000. Innealta Capital LLC bought a new position in Eastern Bankshares in the 2nd quarter worth approximately $85,000. SG Americas Securities LLC purchased a new stake in Eastern Bankshares during the 1st quarter valued at approximately $126,000. Tortoise Investment Management LLC bought a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $134,000. Finally, Profund Advisors LLC purchased a new position in shares of Eastern Bankshares in the second quarter worth $150,000. 71.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Company 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.