101,923 Shares in Eastern Bankshares, Inc. (NASDAQ:EBC) Acquired by Northeast Investment Management

Northeast Investment Management purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 101,923 shares of the company’s stock, valued at approximately $1,671,000.

A number of other institutional investors have also added to or reduced their stakes in EBC. Jennison Associates LLC raised its stake in Eastern Bankshares by 23.8% during the 1st quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock worth $41,248,000 after buying an additional 576,381 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Eastern Bankshares in the first quarter worth approximately $126,000. Sei Investments Co. raised its stake in shares of Eastern Bankshares by 18.7% in the first quarter. Sei Investments Co. now owns 41,330 shares of the company’s stock worth $570,000 after purchasing an additional 6,514 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Eastern Bankshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock worth $384,000 after purchasing an additional 2,193 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Eastern Bankshares in the first quarter worth approximately $3,804,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.15% of the stock is currently owned by company insiders.

Eastern Bankshares Stock Performance

Shares of EBC opened at $16.32 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 7.03 and a beta of 0.88. The stock has a 50 day moving average of $16.50 and a 200 day moving average of $15.04. Eastern Bankshares, Inc. has a 12 month low of $10.99 and a 12 month high of $17.49.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The business had revenue of $299.55 million for the quarter, compared to analysts’ expectations of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.76%. During the same period in the previous year, the business posted $0.32 earnings per share. As a group, sell-side analysts forecast that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.94%. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 18.97%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price objective (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

About Eastern Bankshares

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.