Mendon Capital Advisors Corp Purchases Shares of 30,000 Eastern Bankshares, Inc. $EBC

Mendon Capital Advisors Corp purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,000 shares of the company’s stock, valued at approximately $587,000.

A number of other hedge funds have also recently made changes to their positions in EBC. EverSource Wealth Advisors LLC grew its holdings in shares of 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 purchasing an additional 762 shares during the last quarter. Danske Bank A S lifted its stake in Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the last quarter. Allworth Financial LP boosted its position in Eastern Bankshares by 36.4% during the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after buying an additional 584 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Eastern Bankshares during the fourth quarter valued at about $40,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Eastern Bankshares during the fourth quarter valued at about $52,000. 71.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on EBC shares. Weiss Ratings upgraded Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Piper Sandler boosted their price objective on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Barclays dropped their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Finally, TD Cowen cut their target price on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.08.

Eastern Bankshares Stock Performance

EBC opened at $22.92 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16. Eastern Bankshares, Inc. has a 52 week low of $14.88 and a 52 week high of $23.53. The stock has a market cap of $5.30 billion, a PE ratio of 13.02 and a beta of 0.67. The business has a 50 day moving average of $21.18 and a 200-day moving average of $20.46.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. The company had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Equities research analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s payout ratio is 34.09%.

Insider Buying and Selling at Eastern Bankshares

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

Key Stories Impacting Eastern Bankshares

Here are the key news stories impacting Eastern Bankshares this week:

• Positive Sentiment: Eastern Bankshares delivered a Q2 earnings beat, with EPS of $0.49 versus $0.46 expected and revenue of $316.0 million versus $308.2 million estimated. Article Title
• Positive Sentiment: The company declared a quarterly dividend of $0.15 per share, reinforcing its shareholder-return profile and yield appeal. Article Title
• Neutral Sentiment: Management’s Q2 earnings call transcript may provide additional color on loan growth, margins, and credit trends, but no major new catalyst was highlighted in the provided summary. Article Title
• Neutral Sentiment: Short-interest data showed no meaningful change in positioning, with reported short interest at 0 shares, offering little signal for near-term trading pressure.

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.