Charles Schwab Investment Management Inc. Acquires 329,133 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Charles Schwab Investment Management Inc. raised its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 19.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,000,042 shares of the company’s stock after buying an additional 329,133 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Eastern Bankshares were worth $32,781,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth about $25,000. PFS Partners LLC bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth about $32,000. Sachetta LLC bought a new stake in shares of Eastern Bankshares in the 2nd quarter worth about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after purchasing an additional 3,988 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Eastern Bankshares in the 2nd quarter worth about $85,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Down 2.7 %

Shares of NASDAQ EBC opened at $18.07 on Wednesday. The firm’s 50-day simple moving average is $17.28 and its 200 day simple moving average is $15.79. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 7.79 and a beta of 0.92. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08). The company had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter last year, the company earned $0.32 EPS. On average, equities analysts expect that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current 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 given a dividend of $0.12 per share. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.48 annualized dividend and a yield of 2.66%. Eastern Bankshares’s dividend payout ratio is 18.97%.

Insider Buying and Selling

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the company’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 directly owns 67,284 shares in the company, valued at approximately $1,248,791.04. This represents a 7.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $18.50 in a report 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.