Eastern Bankshares, Inc. (NASDAQ:EBC) CFO R David Rosato Buys 10,000 Shares

Eastern Bankshares, Inc. (NASDAQ:EBC) CFO R David Rosato bought 10,000 shares of Eastern Bankshares stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. This represents a 100.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $15.79 on Friday. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40. The firm’s fifty day moving average is $17.65 and its 200-day moving average is $17.35. The firm has a market cap of $3.36 billion, a P/E ratio of 23.57 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. As a group, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Monday, March 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is currently 71.64%.

Institutional Trading of Eastern Bankshares

Several hedge funds have recently added to or reduced their stakes in EBC. Swiss National Bank increased its stake in shares of Eastern Bankshares by 21.0% during the 3rd quarter. Swiss National Bank now owns 378,564 shares of the company’s stock worth $6,205,000 after purchasing an additional 65,764 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Eastern Bankshares by 13.4% during the 3rd quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock worth $65,061,000 after acquiring an additional 467,663 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in Eastern Bankshares in the 3rd quarter worth about $1,943,000. State Street Corp lifted its holdings in Eastern Bankshares by 20.3% during the third quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after purchasing an additional 1,170,276 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Eastern Bankshares by 5.8% during the third quarter. JPMorgan Chase & Co. now owns 1,591,712 shares of the company’s stock worth $26,088,000 after purchasing an additional 86,810 shares during the period. Institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $22.00 price target (up from $21.00) on shares of Eastern Bankshares in a report on Monday, January 27th.

Eastern Bankshares Company Profile

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.