Luis Borgen Sells 1,709 Shares of Eastern Bankshares (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,709 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $21.97, for a total transaction of $37,546.73. Following the sale, the director owned 22,185 shares of the company’s stock, valued at $487,404.45. This trade represents a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $22.63 on Thursday. The business has a 50 day moving average price of $20.29 and a 200 day moving average price of $20.02. Eastern Bankshares, Inc. has a twelve month low of $14.88 and a twelve month high of $22.76. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 12.71 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly 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). The business had revenue of $295.90 million during the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. Research analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were paid a $0.15 dividend. The ex-dividend date was Friday, June 5th. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. Eastern Bankshares’s dividend payout ratio is 33.71%.

Institutional Trading of Eastern Bankshares

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings 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 worth $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S boosted its holdings in shares of Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP grew its position in Eastern Bankshares by 36.4% during 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. Caitong International Asset Management Co. Ltd bought a new stake in Eastern Bankshares during the 4th quarter worth approximately $40,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Eastern Bankshares during the 4th quarter valued at $52,000. 71.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on EBC. Barclays cut their price target on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a research report on Monday, June 8th. Piper Sandler upped their target price on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. DA Davidson assumed coverage on Eastern Bankshares in a research report on Friday, May 15th. They issued a “buy” rating and a $24.00 target price for the company. Finally, Stephens started coverage on shares of Eastern Bankshares in a research note on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.08.

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.