PVG Asset Management Corp Invests $1.07 Million in Eastern Bankshares, Inc. $EBC

PVG Asset Management Corp acquired a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the first quarter, HoldingsChannel reports. The firm acquired 52,581 shares of the company’s stock, valued at approximately $1,074,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after acquiring an additional 762 shares during the last quarter. Danske Bank A S boosted its holdings in shares of Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eastern Bankshares during the fourth quarter worth $40,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares in the fourth quarter valued at $52,000. Finally, SHP Wealth Management acquired a new position in Eastern Bankshares in the fourth quarter valued at $52,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on EBC shares. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. TD Cowen upped their price objective on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Barclays cut their price objective 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. Hovde Group raised their target price on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.86.

Insider Activity at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.26% of the stock is currently owned by company insiders.

Eastern Bankshares Stock Performance

EBC stock opened at $22.96 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 13.05 and a beta of 0.67. The business has a fifty day simple moving average of $21.54 and a 200-day simple moving average of $20.59. Eastern Bankshares, Inc. has a 52 week low of $14.88 and a 52 week high of $23.75.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The firm had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $308.20 million. On average, equities research analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio (DPR) is 34.09%.

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.