Jupiter Asset Management Ltd. Has $15.29 Million Stake in Eastern Bankshares, Inc. $EBC

Jupiter Asset Management Ltd. increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 341.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,001,190 shares of the company’s stock after purchasing an additional 774,553 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Eastern Bankshares were worth $15,288,000 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 the business. Assetmark Inc. grew its holdings in Eastern Bankshares by 8,112.5% during the 2nd quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock worth $30,000 after acquiring an additional 1,947 shares during the period. CWM LLC lifted its stake in shares of Eastern Bankshares by 90.5% in the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock valued at $44,000 after purchasing an additional 1,360 shares during the period. Strs Ohio bought a new position in shares of Eastern Bankshares in the 1st quarter worth $130,000. RFG Bristol Wealth Advisors LLC acquired a new stake in shares of Eastern Bankshares during the second quarter worth $153,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Eastern Bankshares during the first quarter worth $169,000. 71.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO R David Rosato acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average cost of $17.08 per share, with a total value of $170,800.00. Following the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at $512,400. The trade was a 50.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Francis Rivers bought 50,000 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, October 28th. The stock was bought at an average cost of $17.21 per share, with a total value of $860,500.00. Following the completion of the purchase, the insider owned 403,274 shares in the company, valued at approximately $6,940,345.54. This trade represents a 14.15% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 73,706 shares of company stock worth $1,265,261 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on EBC shares. Cowen began coverage on Eastern Bankshares in a report on Wednesday, September 24th. They set a “buy” rating on the stock. TD Cowen began coverage on shares of Eastern Bankshares in a research report on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Eastern Bankshares from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Eastern Bankshares has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Eastern Bankshares Stock Up 1.2%

Shares of Eastern Bankshares stock opened at $17.71 on Thursday. The company has a market capitalization of $3.73 billion, a P/E ratio of 70.84 and a beta of 0.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50-day moving average of $17.83 and a two-hundred day moving average of $16.33. Eastern Bankshares, Inc. has a 1 year low of $13.51 and a 1 year high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%.The business had revenue of $162.26 million during the quarter. As a group, equities analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, December 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 208.00%.

Eastern Bankshares Company Profile

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.