Profund Advisors LLC Acquires New Shares in Eastern Bankshares, Inc. (NASDAQ:EBC)

Profund Advisors LLC acquired a new position in Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, Holdings Channel reports. The firm acquired 10,694 shares of the company’s stock, valued at approximately $150,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in shares of Eastern Bankshares by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 44,452 shares of the company’s stock valued at $621,000 after acquiring an additional 814 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Eastern Bankshares by 6.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock valued at $538,000 after purchasing an additional 2,173 shares during the period. ProShare Advisors LLC raised its position in Eastern Bankshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock valued at $384,000 after purchasing an additional 2,193 shares during the period. Rhumbline Advisers lifted its stake in Eastern Bankshares by 0.9% during the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock worth $3,600,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sachetta LLC purchased a new position in shares of Eastern Bankshares during the second quarter worth $35,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Wall Street Analysts Forecast Growth

EBC has been the topic of several research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $16.11 on Monday. The company has a fifty day simple moving average of $16.09 and a two-hundred day simple moving average of $14.44. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 5.65 and a beta of 0.89. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 52 week low of $10.65 and a 52 week high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The firm had revenue of $232.72 million during the quarter, compared to analyst estimates of $157.45 million. During the same period last year, the business posted $0.28 earnings per share. As a group, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Tuesday, September 3rd. Eastern Bankshares’s dividend payout ratio is presently 15.44%.

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.