UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Stock Holdings in Eastern Bankshares, Inc. $EBC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 440,192 shares of the company’s stock after purchasing an additional 28,466 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.19% of Eastern Bankshares worth $9,790,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of EBC. Royal Bank of Canada boosted its holdings in Eastern Bankshares by 38.0% in the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock valued at $3,254,000 after purchasing an additional 54,664 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Eastern Bankshares during the 1st quarter worth approximately $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Eastern Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock worth $1,884,000 after buying an additional 5,028 shares during the last quarter. Jane Street Group LLC raised its position in shares of Eastern Bankshares by 789.9% during the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock valued at $8,948,000 after buying an additional 484,277 shares during the period. Finally, Strs Ohio acquired a new position in Eastern Bankshares in the first quarter valued at approximately $130,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EBC has been the subject of several recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. 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 note on Monday, July 27th. Hovde Group increased their price target on Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. DA Davidson boosted their price objective on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Eastern Bankshares has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

Insider Buying and Selling

In other Eastern Bankshares news, insider Donald Westermann sold 23,005 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total transaction of $492,997.15. Following the sale, the insider owned 22,565 shares in the company, valued at $483,567.95. This represents a 50.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Casey sold 10,000 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $22.72, for a total value of $227,200.00. Following the transaction, the director directly owned 62,079 shares of the company’s stock, valued at approximately $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 sold 68,609 shares of company stock valued at $1,529,281 in the last three months. 1.26% of the stock is owned by corporate insiders.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $22.24 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $22.72 and its two-hundred day moving average is $20.97. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 12.64 and a beta of 0.66.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Research analysts predict that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders 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 annualized dividend and a dividend yield of 2.7%. Eastern Bankshares’s payout ratio is 34.09%.

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.