Universal Beteiligungs und Servicegesellschaft mbH Invests $1.33 Million in Eastern Bankshares, Inc. $EBC

Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 73,407 shares of the company’s stock, valued at approximately $1,332,000.

Other hedge funds have also made changes to their positions in the company. Assetmark Inc. increased its stake in Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock valued at $30,000 after acquiring an additional 1,947 shares during the period. Corsicana & Co. bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $36,000. CWM LLC grew its holdings in shares of Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock worth $44,000 after purchasing an additional 1,360 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new stake in shares of Eastern Bankshares during the third quarter valued at approximately $57,000. Finally, Quantbot Technologies LP bought a new stake in shares of Eastern Bankshares during the second quarter valued at approximately $102,000. Institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on EBC shares. Barclays assumed coverage on Eastern Bankshares in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 target price for the company. Hovde Group assumed coverage on shares of Eastern Bankshares in a report on Monday, January 5th. They set an “outperform” rating and a $22.50 price objective for the company. Zacks Research upgraded shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. TD Cowen upped their price objective on Eastern Bankshares from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Eastern Bankshares presently has an average rating of “Moderate Buy” and an average price target of $22.13.

Insider Buying and Selling

In related news, insider Donald Michael Westermann sold 21,256 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $20.11, for a total value of $427,458.16. Following the completion of the transaction, the insider owned 20,860 shares in the company, valued at $419,494.60. The trade was a 50.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph F. Casey sold 322,771 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total value of $6,142,332.13. Following the transaction, the director directly owned 36,112 shares in the company, valued at approximately $687,211.36. This represents a 89.94% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by corporate insiders.

Eastern Bankshares Stock Performance

Shares of NASDAQ:EBC opened at $20.49 on Friday. The business has a fifty day moving average of $19.24 and a 200-day moving average of $17.86. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.89 and a current ratio of 0.89. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $20.89. The firm has a market cap of $4.32 billion, a PE ratio of 49.98 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.62%. The business had revenue of $243.40 million for the quarter, compared to the consensus estimate of $287.09 million. On average, equities research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, March 6th. Eastern Bankshares’s dividend payout ratio is presently 126.83%.

Eastern Bankshares Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.