Eastern Bankshares (NASDAQ:EBC) Stock Rating Upgraded by Wall Street Zen

Eastern Bankshares (NASDAQ:EBC) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Sunday.

Other equities analysts have also issued research reports about the stock. TD Cowen raised their price objective on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their price target on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Hovde Group raised their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Barclays cut their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, April 27th. Finally, Stephens cut shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective for the company. in a report on Tuesday, July 28th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Eastern Bankshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $22.64 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. Eastern Bankshares has a one year low of $16.50 and a one year high of $23.77. The business’s 50-day moving average price is $22.52 and its two-hundred day moving average price is $20.94. The company has a market capitalization of $5.17 billion, a P/E ratio of 12.86 and a beta of 0.68.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $316.01 million during the quarter, compared to the consensus estimate of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Analysts anticipate that Eastern Bankshares will post 1.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Joseph F. Casey sold 10,000 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $22.96, for a total value of $229,600.00. Following the completion of the sale, the director directly owned 72,079 shares in the company, valued at approximately $1,654,933.84. The trade was a 12.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the sale, the director directly owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. This represents a 7.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 23,419 shares of company stock worth $542,181. Insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On Eastern Bankshares

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after buying an additional 762 shares during the last quarter. Danske Bank A S boosted its position in shares of Eastern Bankshares by 533.3% in the fourth 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. Caitong International Asset Management Co. Ltd bought a new stake in shares of Eastern Bankshares in the fourth quarter valued at approximately $40,000. SHP Wealth Management acquired a new stake in Eastern Bankshares in the 4th quarter worth $52,000. Finally, Trust Co. of Vermont acquired a new position in shares of Eastern Bankshares during the second quarter valued at about $55,000. 71.68% of the stock is currently owned by institutional investors.

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.