Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Quest Partners LLC

Quest Partners LLC trimmed its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBCFree Report) by 48.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,559 shares of the company’s stock after selling 30,620 shares during the period. Quest Partners LLC’s holdings in Eastern Bankshares were worth $534,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 24.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after purchasing an additional 950,150 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Eastern Bankshares by 11.8% during the first quarter. Janus Henderson Group PLC now owns 3,795,493 shares of the company’s stock worth $52,300,000 after buying an additional 401,027 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Eastern Bankshares by 58.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,079,028 shares of the company’s stock worth $29,065,000 after acquiring an additional 764,881 shares during the period. Eastern Bank acquired a new stake in Eastern Bankshares in the third quarter worth about $23,849,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Eastern Bankshares by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,064,969 shares of the company’s stock worth $14,888,000 after acquiring an additional 32,741 shares during the period. Institutional investors and hedge funds own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Report on Eastern Bankshares

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the business’s 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Performance

NASDAQ EBC opened at $18.83 on Friday. The firm’s 50 day moving average price is $17.04 and its two-hundred day moving average price is $15.57. Eastern Bankshares, Inc. has a twelve month low of $11.86 and a twelve month high of $19.15. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 8.12 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBCGet Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. The business had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. During the same period in the previous year, the firm posted $0.32 earnings per share. On average, research analysts forecast that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is currently 20.69%.

Eastern Bankshares Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eastern Bankshares (NASDAQ:EBC)

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