Eastern Bankshares (NASDAQ:EBC) Stock Price Expected to Rise, DA Davidson Analyst Says

Eastern Bankshares (NASDAQ:EBC) had its price target increased by stock analysts at DA Davidson from $24.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target indicates a potential upside of 8.35% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the company. TD Cowen restated a “buy” rating on shares of Eastern Bankshares in a report on Monday. Weiss Ratings raised shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Piper Sandler reaffirmed an “overweight” rating and set a $26.00 target price on shares of Eastern Bankshares in a research report on Monday. Finally, Stephens initiated coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Eastern Bankshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.17.

Eastern Bankshares Trading Up 0.7%

Shares of NASDAQ:EBC traded up $0.15 on Monday, reaching $23.07. 667,541 shares of the company traded hands, compared to its average volume of 2,531,249. Eastern Bankshares has a 52 week low of $14.88 and a 52 week high of $23.53. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $21.18 and its 200 day simple moving average is $20.46. The stock has a market capitalization of $5.33 billion, a P/E ratio of 13.08 and a beta of 0.67.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $316.00 million during the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. As a group, equities analysts anticipate that Eastern Bankshares will post 1.87 EPS for the current fiscal year.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the business’s stock in a transaction 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 transaction, the director owned 20,475 shares of the company’s stock, valued at $464,987.25. The trade was a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eastern Bankshares

A number of hedge funds have recently added to or reduced their stakes in EBC. Handelsbanken Fonder AB raised its stake in shares of Eastern Bankshares by 40.1% in the second quarter. Handelsbanken Fonder AB now owns 98,100 shares of the company’s stock worth $2,182,000 after purchasing an additional 28,100 shares during the last quarter. Eastern Bank grew its stake in shares of Eastern Bankshares by 2.4% during the 2nd quarter. Eastern Bank now owns 1,472,122 shares of the company’s stock valued at $32,740,000 after purchasing an additional 35,169 shares during the period. PVG Asset Management Corp purchased a new stake in Eastern Bankshares during the 1st quarter valued at approximately $1,074,000. Bank of America Corp DE boosted its stake in Eastern Bankshares by 18.8% during the first quarter. Bank of America Corp DE now owns 768,621 shares of the company’s stock worth $15,034,000 after buying an additional 121,884 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Eastern Bankshares by 32.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock worth $42,000 after buying an additional 529 shares during the period. Institutional investors own 71.68% of the company’s stock.

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.