Freestone Grove Partners LP Takes $11.04 Million Position in Eastern Bankshares, Inc. $EBC

Freestone Grove Partners LP acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 496,320 shares of the company’s stock, valued at approximately $11,038,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in Eastern Bankshares by 87.1% in the fourth 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% in the 4th 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 in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Eastern Bankshares in the 4th quarter worth about $40,000. SHP Wealth Management bought a new position in shares of Eastern Bankshares during the 4th quarter valued at about $52,000. Finally, Trust Co. of Vermont bought a new position in shares of Eastern Bankshares during the 2nd quarter valued at about $55,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Bankshares Trading Up 0.0%

NASDAQ:EBC opened at $22.41 on Friday. The company has a 50-day moving average price of $22.63 and a 200-day moving average price of $20.96. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 12.73 and a beta of 0.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Eastern Bankshares, Inc. has a 12 month low of $16.61 and a 12 month high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The company had revenue of $316.01 million for the quarter, compared to analysts’ expectations of $308.20 million. Equities analysts predict that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s payout ratio is presently 34.09%.

Wall Street Analysts Forecast Growth

EBC has been the topic of a number of research reports. DA Davidson raised their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Eastern Bankshares in a research report on Friday, August 7th. Stephens cut shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research report on Tuesday, July 28th. Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.86.

Insider Buying and Selling

In other news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the transaction, the director 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. Also, Director Joseph F. Casey sold 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total value of $227,200.00. Following the sale, the director owned 62,079 shares in the company, valued at $1,410,434.88. This represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,197 shares of company stock worth $809,724 in the last quarter. Company 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.