Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Bought by Fmr LLC

Fmr LLC lifted its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 36.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,431,075 shares of the company’s stock after acquiring an additional 4,913,376 shares during the quarter. Fmr LLC owned about 8.59% of Eastern Bankshares worth $302,085,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter valued at $25,000. PFS Partners LLC acquired a new position in Eastern Bankshares during the third quarter worth about $32,000. Sachetta LLC bought a new stake in Eastern Bankshares in the second quarter worth about $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Eastern Bankshares by 1,155.9% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after acquiring an additional 3,988 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in Eastern Bankshares by 18.3% in the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after acquiring an additional 802 shares during the last quarter. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Down 0.2 %

EBC opened at $18.64 on Friday. The firm has a market cap of $4.00 billion, a PE ratio of 8.03 and a beta of 0.89. The business has a fifty day simple moving average of $17.24 and a 200-day simple moving average of $15.75. Eastern Bankshares, Inc. has a fifty-two week low of $11.86 and a fifty-two week high of $19.40.

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

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. Eastern Bankshares’s payout ratio is currently 18.97%.

Insider Activity

In related news, President Quincy Lee Miller sold 12,676 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

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.