Quantinno Capital Management LP Buys 169,031 Shares of Eastern Bankshares, Inc. $EBC

Quantinno Capital Management LP lifted its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 378.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 213,703 shares of the company’s stock after acquiring an additional 169,031 shares during the quarter. Quantinno Capital Management LP owned approximately 0.09% of Eastern Bankshares worth $4,180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of EBC. EverSource Wealth Advisors LLC grew its stake in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after purchasing an additional 762 shares in the last quarter. Danske Bank A S raised its position in Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after purchasing an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eastern Bankshares in the 4th quarter worth $40,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter worth $52,000. Finally, SHP Wealth Management bought a new position in shares of Eastern Bankshares during the 4th quarter worth $52,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Trading Down 0.7%

Eastern Bankshares stock opened at $22.84 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $5.28 billion, a PE ratio of 12.98 and a beta of 0.68. The stock has a 50-day moving average of $21.86 and a two-hundred day moving average of $20.72. Eastern Bankshares, Inc. has a one year low of $15.01 and a one year high of $23.75.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The business had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. On average, research analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors 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 dividend on an annualized basis and a yield of 2.6%. Eastern Bankshares’s dividend payout ratio (DPR) is 34.09%.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EBC. Stephens lowered Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research note on Tuesday, July 28th. Seaport Research Partners reiterated a “buy” rating and set a $27.00 target price on shares of Eastern Bankshares in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Barclays reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. Finally, Hovde Group upped their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.86.

Eastern Bankshares 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.