Eastern Bankshares, Inc. $EBC Stock Holdings Boosted by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 12.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,427,922 shares of the company’s stock after acquiring an additional 592,012 shares during the period. Geode Capital Management LLC owned 2.57% of Eastern Bankshares worth $100,050,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Eastern Bankshares by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 21,874,030 shares of the company’s stock worth $403,138,000 after purchasing an additional 2,440,017 shares during the period. HoldCo Asset Management LP lifted its stake in Eastern Bankshares by 23.0% during the third quarter. HoldCo Asset Management LP now owns 6,408,772 shares of the company’s stock valued at $116,319,000 after buying an additional 1,200,272 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Eastern Bankshares by 23.0% in the 4th quarter. Jennison Associates LLC now owns 5,311,122 shares of the company’s stock valued at $97,884,000 after purchasing an additional 992,160 shares during the period. Wellington Management Group LLP increased its holdings in shares of Eastern Bankshares by 48.3% in the 3rd quarter. Wellington Management Group LLP now owns 2,601,634 shares of the company’s stock valued at $47,220,000 after purchasing an additional 847,891 shares during the period. Finally, Azora Capital LP increased its holdings in shares of Eastern Bankshares by 54.5% in the 3rd quarter. Azora Capital LP now owns 2,597,878 shares of the company’s stock valued at $47,151,000 after purchasing an additional 916,875 shares during the period. Institutional investors and hedge funds own 71.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on EBC shares. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Stephens began coverage on Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price objective on the stock. Barclays lowered their price target on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. DA Davidson began coverage on Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price target on the stock. Finally, TD Cowen lowered their price target on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Eastern Bankshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.92.

Eastern Bankshares Stock Down 1.2%

Shares of EBC stock opened at $19.85 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a fifty day moving average price of $19.98 and a 200 day moving average price of $19.70. Eastern Bankshares, Inc. has a one year low of $14.10 and a one year high of $22.58. The stock has a market cap of $4.59 billion, a P/E ratio of 11.15 and a beta of 0.69.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The company had revenue of $295.90 million for the quarter, compared to analyst estimates of $308.68 million. Analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be paid a dividend of $0.15 per share. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, June 5th. Eastern Bankshares’s dividend payout ratio is currently 29.21%.

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.