Norges Bank Takes Position in Eastern Bankshares, Inc. $EBC

Norges Bank bought a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,820,287 shares of the company’s stock, valued at approximately $33,548,000. Norges Bank owned approximately 0.86% of Eastern Bankshares at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in 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 acquiring an additional 762 shares in the last quarter. Danske Bank A S boosted its stake in 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 acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP boosted its stake in Eastern Bankshares by 36.4% during 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 in the last quarter. Federated Hermes Inc. bought a new stake in Eastern Bankshares during the third quarter worth about $49,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Eastern Bankshares during the fourth quarter worth about $52,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Up 3.1%

Shares of Eastern Bankshares stock opened at $20.46 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $4.73 billion, a PE ratio of 11.49 and a beta of 0.69. Eastern Bankshares, Inc. has a 52-week low of $14.10 and a 52-week high of $22.58. The company has a 50-day simple moving average of $20.00 and a two-hundred day simple moving average of $19.74.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results 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 firm had revenue of $295.90 million during the quarter, compared to analysts’ expectations of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.9%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, June 5th. Eastern Bankshares’s dividend payout ratio is presently 33.71%.

Analyst Ratings Changes

Several equities research analysts recently commented on EBC shares. Piper Sandler started coverage on shares of Eastern Bankshares in a research note on Monday, March 16th. They set an “overweight” rating and a $23.00 price objective on the stock. Barclays dropped 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 research note on Monday, April 27th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a research note on Monday. TD Cowen dropped their price objective 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. Finally, Weiss Ratings raised shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Eastern Bankshares presently has an average rating of “Moderate Buy” and a consensus price target of $22.92.

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.