Eastern Bankshares (NASDAQ:EBC) Hits New 12-Month High – Here’s What Happened

Eastern Bankshares, Inc. (NASDAQ:EBC)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $19.15 and last traded at $19.06, with a volume of 60714 shares. The stock had previously closed at $18.86.

Wall Street Analyst Weigh In

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

Eastern Bankshares Stock Performance

The firm’s fifty day simple moving average is $16.66 and its 200 day simple moving average is $15.29. The stock has a market capitalization of $3.99 billion, a P/E ratio of 8.01 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The firm had revenue of $299.55 million during the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. During the same period last year, the business earned $0.32 earnings per share. Analysts anticipate that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be paid a $0.12 dividend. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.58%. Eastern Bankshares’s dividend payout ratio (DPR) is 18.97%.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.15% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Eastern Bankshares in the 3rd quarter worth about $25,000. PFS Partners LLC acquired a new position in shares of Eastern Bankshares in the third quarter valued at approximately $32,000. Sachetta LLC bought a new position in Eastern Bankshares in the 2nd quarter valued at approximately $35,000. RPg Family Wealth Advisory LLC bought a new position in Eastern Bankshares in the 3rd quarter valued at approximately $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Eastern Bankshares by 1,155.9% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after buying an additional 3,988 shares during the period. 71.68% of the stock is currently owned by institutional investors.

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.