Eastern Bankshares (NASDAQ:EBC) Lifted to “Buy” at Zacks Investment Research

Eastern Bankshares (NASDAQ:EBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $25.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 16.39% from the stock’s current price.

According to Zacks, “Eastern Bankshares Inc. provides commercial banking products and services primarily to retail, commercial and small business customers. It provides banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance offices. Eastern Bankshares Inc. is based in Boston, Massachusetts. “

Separately, Seaport Global Securities started coverage on Eastern Bankshares in a report on Thursday, February 18th. They set a “buy” rating and a $19.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Eastern Bankshares has a consensus rating of “Buy” and a consensus price target of $17.60.

EBC opened at $21.48 on Wednesday. The firm has a market capitalization of $4.01 billion and a price-to-earnings ratio of 36.41. Eastern Bankshares has a 52 week low of $11.74 and a 52 week high of $23.03. The firm’s fifty day moving average is $21.25.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, April 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $155.30 million during the quarter, compared to analyst estimates of $154.46 million. Research analysts predict that Eastern Bankshares will post 0.8 earnings per share for the current year.

A number of large investors have recently bought and sold shares of EBC. Principal Financial Group Inc. grew its stake in Eastern Bankshares by 26.9% in the first quarter. Principal Financial Group Inc. now owns 20,271 shares of the company’s stock valued at $391,000 after purchasing an additional 4,294 shares in the last quarter. Millennium Management LLC boosted its stake in Eastern Bankshares by 789.6% during the 1st quarter. Millennium Management LLC now owns 116,518 shares of the company’s stock valued at $2,248,000 after purchasing an additional 103,420 shares during the period. Canada Pension Plan Investment Board bought a new stake in Eastern Bankshares during the 1st quarter valued at approximately $2,160,000. Verition Fund Management LLC boosted its stake in Eastern Bankshares by 96.7% during the 1st quarter. Verition Fund Management LLC now owns 53,430 shares of the company’s stock valued at $1,031,000 after purchasing an additional 26,270 shares during the period. Finally, Private Capital Management LLC acquired a new position in Eastern Bankshares in the 1st quarter valued at approximately $4,975,000. 49.55% of the stock is currently owned by hedge funds and other institutional investors.

About Eastern Bankshares

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides commercial banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and certificates of deposits, as well as debit and credit cards.

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Analyst Recommendations for Eastern Bankshares (NASDAQ:EBC)

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