Eastern Bankshares, Inc. (NASDAQ:EBC) Stock Holdings Lowered by Single Point Partners LLC

Single Point Partners LLC cut its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 88.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,545 shares of the company’s stock after selling 92,522 shares during the quarter. Single Point Partners LLC’s holdings in Eastern Bankshares were worth $199,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EBC. V Square Quantitative Management LLC bought a new position in Eastern Bankshares in the 3rd quarter valued at about $25,000. Nomura Asset Management Co. Ltd. lifted its position in Eastern Bankshares by 127.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock worth $30,000 after purchasing an additional 1,010 shares during the period. PFS Partners LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter valued at $32,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Eastern Bankshares in the 3rd quarter worth $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after acquiring an additional 3,988 shares during the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Deborah C. Jackson sold 5,713 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the transaction, the director now directly owns 67,284 shares in the company, valued at approximately $1,248,791.04. This represents a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Performance

Shares of EBC opened at $18.74 on Tuesday. The company’s 50 day moving average price is $17.72 and its 200 day moving average price is $17.08. The company has a market capitalization of $4.02 billion, a PE ratio of 27.97 and a beta of 0.94. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. On average, equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.56%. Eastern Bankshares’s payout ratio is currently 71.64%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $22.00 price target (up previously from $21.00) on shares of Eastern Bankshares in a report on Monday, January 27th.

About Eastern Bankshares

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.