Eastern Bankshares, Inc. (NASDAQ:EBC) Stock Position Raised by State Street Corp

State Street Corp lifted its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 20.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,940,433 shares of the company’s stock after buying an additional 1,170,276 shares during the quarter. State Street Corp’s holdings in Eastern Bankshares were worth $113,754,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC raised its holdings in Eastern Bankshares by 18.3% during the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after buying an additional 802 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Eastern Bankshares by 1.9% during 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 last quarter. Verdence Capital Advisors LLC raised its stake in shares of Eastern Bankshares by 5.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 20,486 shares of the company’s stock valued at $336,000 after acquiring an additional 1,075 shares in the last quarter. Amalgamated Bank lifted its holdings in Eastern Bankshares by 21.1% in the 3rd quarter. Amalgamated Bank now owns 6,595 shares of the company’s stock worth $108,000 after purchasing an additional 1,150 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Eastern Bankshares in the 3rd quarter worth approximately $25,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Activity

In other news, Director Deborah C. Jackson sold 5,713 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the transaction, the director now owns 67,284 shares in the company, valued at approximately $1,248,791.04. The trade was a 7.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their price target on shares of Eastern Bankshares from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Eastern Bankshares Price Performance

Eastern Bankshares stock opened at $17.95 on Monday. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40. The firm has a fifty day moving average price of $17.63 and a two-hundred day moving average price of $16.06. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 7.74 and a beta of 0.92.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data 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 return on equity of 4.49% and a net margin of 38.00%. 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 prior year, the firm posted $0.32 EPS. As a group, sell-side analysts expect that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.67%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio is currently 20.69%.

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.