SeaCrest Wealth Management LLC Boosts Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

SeaCrest Wealth Management LLC boosted its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 9.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,274 shares of the company’s stock after buying an additional 6,274 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Eastern Bankshares were worth $1,152,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sachetta LLC acquired a new stake in shares of Eastern Bankshares during the 2nd quarter worth approximately $35,000. Innealta Capital LLC acquired a new stake in shares of Eastern Bankshares during the 2nd quarter worth approximately $85,000. CWM LLC grew its stake in shares of Eastern Bankshares by 1,383.3% during the 3rd quarter. CWM LLC now owns 5,874 shares of the company’s stock worth $96,000 after purchasing an additional 5,478 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Eastern Bankshares during the 3rd quarter worth approximately $124,000. Finally, Profund Advisors LLC acquired a new stake in shares of Eastern Bankshares during the 2nd quarter worth approximately $150,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on EBC shares. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

Eastern Bankshares Price Performance

Eastern Bankshares stock opened at $17.24 on Thursday. The company’s fifty day moving average price is $16.20 and its 200 day moving average price is $14.71. Eastern Bankshares, Inc. has a 1 year low of $10.65 and a 1 year high of $17.31. The stock has a market capitalization of $3.05 billion, a P/E ratio of 6.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The firm had revenue of $232.72 million for the quarter, compared to analysts’ expectations of $157.45 million. During the same quarter last year, the company earned $0.28 EPS. As a group, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.11 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.55%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

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.