Eastern Bankshares (NASDAQ:EBC) Insider Robert Francis Rivers Purchases 50,000 Shares of Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) insider Robert Francis Rivers bought 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average cost of $17.21 per share, with a total value of $860,500.00. Following the completion of the acquisition, the insider owned 403,274 shares of the company’s stock, valued at $6,940,345.54. This represents a 14.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Eastern Bankshares Trading Down 0.2%

EBC stock opened at $17.19 on Wednesday. The firm has a fifty day moving average price of $17.70 and a 200 day moving average price of $16.14. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $3.64 billion, a PE ratio of 68.76 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share for the quarter. Eastern Bankshares had a net margin of 4.97% and a return on equity of 8.04%. The firm had revenue of $162.26 million during the quarter. Sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, December 3rd will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.0%. Eastern Bankshares’s dividend payout ratio (DPR) is 208.00%.

Institutional Trading of Eastern Bankshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Eastern Bank increased its stake in Eastern Bankshares by 6.2% in the third quarter. Eastern Bank now owns 1,547,906 shares of the company’s stock worth $28,094,000 after purchasing an additional 89,890 shares during the period. SG Americas Securities LLC increased its stake in Eastern Bankshares by 42.1% in the third quarter. SG Americas Securities LLC now owns 54,848 shares of the company’s stock worth $995,000 after purchasing an additional 16,263 shares during the period. Sentinel Pension Advisors LLC increased its stake in Eastern Bankshares by 75.7% in the third quarter. Sentinel Pension Advisors LLC now owns 177,961 shares of the company’s stock worth $3,230,000 after purchasing an additional 76,689 shares during the period. Moody Lynn & Lieberson LLC increased its stake in Eastern Bankshares by 30.5% in the third quarter. Moody Lynn & Lieberson LLC now owns 60,195 shares of the company’s stock worth $1,093,000 after purchasing an additional 14,064 shares during the period. Finally, Mayflower Financial Advisors LLC purchased a new stake in Eastern Bankshares in the third quarter worth $208,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

EBC has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Eastern Bankshares in a research report on Wednesday, October 8th. Cowen started coverage on shares of Eastern Bankshares in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, TD Cowen started coverage on shares of Eastern Bankshares in a research report on Thursday, September 25th. They set a “buy” rating and a $23.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.50.

About Eastern Bankshares

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.