Hsbc Holdings PLC Invests $2.63 Million in Eastern Bankshares, Inc. $EBC

Hsbc Holdings PLC purchased a new position in Eastern Bankshares, Inc. (NASDAQ:EBC) during the fourth quarter, Holdings Channel reports. The fund purchased 142,975 shares of the company’s stock, valued at approximately $2,634,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position 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 acquiring an additional 762 shares during the period. Danske Bank A S grew its position in shares of 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 acquiring an additional 1,600 shares during the period. Allworth Financial LP increased its stake in shares of Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after purchasing an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eastern Bankshares during the 4th quarter worth approximately $40,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Eastern Bankshares during the 4th quarter worth approximately $52,000. Institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EBC. Barclays reduced their price objective on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. Piper Sandler boosted their target price on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research report on Monday, June 8th. Stephens started coverage on shares of Eastern Bankshares in a research report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 target price for the company. Finally, DA Davidson started coverage on shares of Eastern Bankshares in a research report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.08.

Eastern Bankshares Stock Performance

Shares of EBC stock opened at $22.09 on Monday. The company has a market capitalization of $5.11 billion, a PE ratio of 12.41 and a beta of 0.69. Eastern Bankshares, Inc. has a 52-week low of $14.88 and a 52-week high of $22.58. The business’s fifty day moving average is $20.20 and its 200 day moving average is $19.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). The business had revenue of $295.90 million for the quarter, compared to analysts’ expectations of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, June 5th. Eastern Bankshares’s dividend payout ratio (DPR) is currently 33.71%.

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.