Corient Private Wealth LP Makes New $3.27 Million Investment in Eastern Bankshares, Inc. $EBC

Corient Private Wealth LP purchased a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 147,041 shares of the company’s stock, valued at approximately $3,270,000.

A number of other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after purchasing an additional 762 shares during the last quarter. Danske Bank A S raised its holdings in Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after buying an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Eastern Bankshares in the fourth quarter worth approximately $40,000. SHP Wealth Management purchased a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $52,000. Finally, Trust Co. of Vermont bought a new stake in shares of Eastern Bankshares during the second quarter valued at approximately $55,000. Institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

EBC has been the topic of several analyst reports. Hovde Group upped their price objective on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Wall Street Zen raised Eastern Bankshares from a “sell” rating to a “hold” rating in a report on Sunday, August 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eastern Bankshares in a report on Friday, August 7th. Keefe, Bruyette & Woods increased their price objective on Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Finally, TD Cowen boosted their target price on Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Eastern Bankshares presently has an average rating of “Moderate Buy” and an average price target of $24.86.

Insider Buying and Selling

In related news, Director Luis Borgen sold 1,710 shares of the business’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 completion of the sale, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph F. Casey sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total transaction of $227,200.00. Following the sale, the director directly owned 62,079 shares of the company’s stock, valued at approximately $1,410,434.88. This represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,197 shares of company stock worth $809,724. 1.26% of the stock is currently owned by insiders.

Eastern Bankshares Stock Performance

Shares of EBC opened at $21.50 on Wednesday. The firm has a market capitalization of $4.91 billion, a P/E ratio of 12.22 and a beta of 0.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. Eastern Bankshares, Inc. has a one year low of $16.61 and a one year high of $23.77. The business has a fifty day moving average of $22.70 and a 200 day moving average of $20.96.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $316.01 million for the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. As a group, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.88 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio is 34.09%.

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.