Luis Borgen Sells 1,710 Shares of Eastern Bankshares (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Luis Borgen sold 1,710 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Luis Borgen also recently made the following trade(s):

• On Monday, June 29th, Luis Borgen sold 1,709 shares of Eastern Bankshares stock. The stock was sold at an average price of $21.97, for a total value of $37,546.73.

Eastern Bankshares Stock Performance

Shares of EBC opened at $21.66 on Thursday. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 12.17 and a beta of 0.67. Eastern Bankshares, Inc. has a 52-week low of $14.88 and a 52-week high of $22.89. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $20.50 and a 200 day moving average price of $20.12.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $295.90 million for the quarter, compared to analyst estimates of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. Research analysts predict that Eastern Bankshares, Inc. will post 1.87 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, June 5th. This represents a $0.60 annualized dividend and a yield of 2.8%. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio (DPR) is 33.71%.

Hedge Funds Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 762 shares during the last quarter. Danske Bank A S grew its stake in shares of Eastern Bankshares by 533.3% in 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 during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at approximately $40,000. Allworth Financial LP increased its holdings in shares of Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after purchasing an additional 584 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $52,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on EBC shares. Barclays decreased their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, April 27th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Piper Sandler upped their target price on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. TD Cowen lowered their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, DA Davidson began coverage on shares of Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Eastern Bankshares currently has an average rating of “Moderate Buy” and a consensus price target of $23.08.

Eastern Bankshares Company 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.