Eastern Bankshares, Inc. $EBC Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 49.6% in the third quarter, Holdings Channel.com reports. The fund owned 35,318 shares of the company’s stock after selling 34,712 shares during the quarter. State of Alaska Department of Revenue’s holdings in Eastern Bankshares were worth $739,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp grew its position in Eastern Bankshares by 42.3% in the second quarter. State Street Corp now owns 12,124,657 shares of the company’s stock worth $269,652,000 after acquiring an additional 3,603,128 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Eastern Bankshares by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,290,830 shares of the company’s stock worth $28,708,000 after purchasing an additional 6,203 shares during the last quarter. Nykredit A S bought a new position in shares of Eastern Bankshares during the 2nd quarter valued at $77,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Eastern Bankshares during the 2nd quarter valued at $309,000. Finally, Two Sigma Securities LLC bought a new position in shares of Eastern Bankshares during the 2nd quarter valued at $380,000. 71.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on EBC. Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research note on Sunday, August 23rd. Stephens downgraded shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price on the stock. in a research report on Tuesday, July 28th. Hovde Group raised their target price on Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Piper Sandler restated an “overweight” rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a report on Monday, July 27th. Finally, Seaport Research Partners reaffirmed a “buy” rating and issued a $27.00 price target on shares of Eastern Bankshares in a research report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

Insiders Place Their Bets

In other Eastern Bankshares news, insider Donald Westermann sold 23,005 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total value of $492,997.15. Following the transaction, the insider owned 22,565 shares of the company’s stock, valued at approximately $483,567.95. The trade was a 50.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Casey sold 1,778 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $22.69, for a total transaction of $40,342.82. Following the transaction, the director owned 60,301 shares in the company, valued at approximately $1,368,229.69. This trade represents a 2.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 65,190 shares of company stock valued at $1,452,900 over the last ninety days. Insiders own 1.26% of the company’s stock.

Eastern Bankshares Trading Up 2.8%

Shares of NASDAQ:EBC opened at $22.11 on Friday. The company has a market cap of $5.05 billion, a P/E ratio of 12.56 and a beta of 0.70. The stock’s 50-day moving average is $21.76 and its 200-day moving average is $21.39. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90. Eastern Bankshares, Inc. has a 52-week low of $16.61 and a 52-week high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. The company had revenue of $311.70 million for the quarter, compared to analyst estimates of $310.60 million. Equities research analysts predict that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Monday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, December 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. Eastern Bankshares’s dividend payout ratio is 34.09%.

Eastern Bankshares Profile

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual banks in the United States to have converted to public ownership.

Eastern Bank provides a range of personal and business banking products, including checking and savings accounts, residential and commercial real estate loans, consumer lending, commercial loans, cash-management services and online banking.