UBS Group AG Acquires 1,292,857 Shares of Eastern Bankshares, Inc. $EBC

UBS Group AG lifted its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 249.9% in the fourth quarter, HoldingsChannel reports. The fund owned 1,810,225 shares of the company’s stock after buying an additional 1,292,857 shares during the period. UBS Group AG’s holdings in Eastern Bankshares were worth $33,362,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in shares of Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after acquiring an additional 584 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $49,000. Flagship Harbor Advisors LLC bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $52,000. Grey Fox Wealth Advisors LLC bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $57,000. Finally, Bayforest Capital Ltd bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $60,000. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Stock Up 0.5%

Shares of NASDAQ EBC opened at $20.06 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.05. Eastern Bankshares, Inc. has a 52 week low of $14.10 and a 52 week high of $22.58. The firm’s fifty day moving average is $19.80 and its 200 day moving average is $19.41. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 11.27 and a beta of 0.70.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.60% and a net margin of 26.28%.The firm had revenue of $295.90 million during the quarter, compared to analysts’ expectations of $308.68 million. On average, equities research analysts expect that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s payout ratio is presently 29.21%.

Analyst Upgrades and Downgrades

EBC has been the topic of several analyst reports. TD Cowen decreased their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Barclays decreased their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, April 27th. Piper Sandler initiated coverage on shares of Eastern Bankshares in a research note on Monday, March 16th. They issued an “overweight” rating and a $23.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research note on Friday, March 27th. Finally, Zacks Research raised shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.70.

Insider Transactions at Eastern Bankshares

In related news, CFO R David Rosato acquired 5,000 shares of Eastern Bankshares stock in a transaction on Thursday, March 5th. The shares were acquired at an average cost of $19.17 per share, with a total value of $95,850.00. Following the transaction, the chief financial officer owned 45,000 shares in the company, valued at $862,650. This trade represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.26% of the company’s stock.

Eastern Bankshares Company 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.