Eastern Bankshares (NASDAQ:EBC) Price Target Raised to $21.00 at Keefe, Bruyette & Woods

Eastern Bankshares (NASDAQ:EBC) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $19.00 to $21.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 15.96% from the company’s current price.

Separately, JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price target for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Stock Up 0.2 %

Shares of EBC traded up $0.04 during trading hours on Wednesday, hitting $18.11. The company had a trading volume of 153,365 shares, compared to its average volume of 996,060. The business has a fifty day moving average of $17.28 and a 200-day moving average of $15.79. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 7.81 and a beta of 0.92. Eastern Bankshares has a 12 month low of $12.22 and a 12 month high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The firm had revenue of $299.55 million for the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter in the prior year, the firm earned $0.32 EPS. On average, equities analysts expect that Eastern Bankshares will post 0.98 EPS for the current fiscal year.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the completion of the transaction, the director now owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. The trade was a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastern Bankshares

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in shares of Eastern Bankshares by 36.3% during the third quarter. FMR LLC now owns 18,431,075 shares of the company’s stock worth $302,085,000 after buying an additional 4,913,376 shares during the last quarter. State Street Corp increased its holdings in Eastern Bankshares by 20.3% in the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company’s stock worth $113,754,000 after purchasing an additional 1,170,276 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Eastern Bankshares by 24.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock valued at $67,599,000 after purchasing an additional 950,150 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Eastern Bankshares by 23.0% during the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company’s stock valued at $75,203,000 after purchasing an additional 859,136 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Eastern Bankshares by 13.4% during the third quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock worth $65,061,000 after purchasing an additional 467,663 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.