Fifth Third Bancorp Makes New Investment in Eastern Bankshares, Inc. $EBC

Fifth Third Bancorp purchased a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 41,959 shares of the company’s stock, valued at approximately $821,000.

A number of other hedge funds also recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after acquiring an additional 762 shares during the period. Danske Bank A S increased its stake in 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 during the period. Allworth Financial LP increased 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 valued at $40,000 after acquiring an additional 584 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the fourth quarter worth about $40,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Eastern Bankshares in the fourth quarter worth about $52,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Trading Up 0.8%

Shares of Eastern Bankshares stock opened at $23.10 on Tuesday. Eastern Bankshares, Inc. has a 12-month low of $14.88 and a 12-month high of $23.53. The stock has a market capitalization of $5.34 billion, a P/E ratio of 13.13 and a beta of 0.67. The company has a 50-day simple moving average of $21.26 and a 200 day simple moving average of $20.49. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $316.00 million for the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. Research analysts expect that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on EBC shares. DA Davidson lifted their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday. Keefe, Bruyette & Woods increased their target price on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday. Barclays cut their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Stephens started coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price target on the stock. Finally, TD Cowen upped their price target on Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Monday. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.86.

Insider Activity

In other news, Director Luis Borgen sold 1,710 shares of the business’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 transaction, the director directly owned 20,475 shares of the company’s stock, valued at $464,987.25. The trade was a 7.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.26% 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.