Eastern Bankshares (NASDAQ:EBC) Price Target Raised to $24.00 at Piper Sandler

Eastern Bankshares (NASDAQ:EBC) had its target price increased by equities researchers at Piper Sandler from $23.00 to $24.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 9.06% from the company’s current price.

A number of other analysts also recently issued reports on EBC. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Stephens started coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price for the company. Barclays cut their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Finally, TD Cowen decreased their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.08.

Eastern Bankshares Trading Up 0.7%

NASDAQ EBC traded up $0.16 during trading hours on Friday, hitting $22.01. 99,985 shares of the company were exchanged, compared to its average volume of 2,507,941. Eastern Bankshares has a 52 week low of $14.88 and a 52 week high of $22.58. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $20.18 and a 200 day moving average price of $19.94. The stock has a market cap of $5.09 billion, a PE ratio of 12.37 and a beta of 0.69.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $295.90 million during the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. Analysts forecast that Eastern Bankshares will post 1.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after buying an additional 762 shares during the period. Danske Bank A S raised its holdings in shares of Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP lifted its stake in Eastern Bankshares by 36.4% in the third 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 period. Caitong International Asset Management Co. Ltd purchased a new stake in Eastern Bankshares in the fourth quarter worth about $40,000. Finally, Flagship Harbor Advisors LLC bought a new position in Eastern Bankshares during the 4th quarter worth about $52,000. Institutional investors own 71.68% of the company’s stock.

About Eastern Bankshares

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.