Quincy Lee Miller Sells 12,676 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Eastern Bankshares Price Performance

EBC traded down $0.12 during trading on Thursday, hitting $16.53. 950,274 shares of the stock traded hands, compared to its average volume of 1,014,588. The business has a 50 day moving average price of $15.52 and a 200 day moving average price of $14.05. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 5.82 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 25th. The company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The firm had revenue of $232.72 million during the quarter, compared to the consensus estimate of $157.45 million. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. During the same quarter in the previous year, the firm earned $0.28 earnings per share. Equities research analysts forecast that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Tuesday, September 3rd. Eastern Bankshares’s payout ratio is currently 15.44%.

Institutional Trading of Eastern Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sachetta LLC bought a new position in shares of Eastern Bankshares in the 2nd quarter worth about $35,000. Innealta Capital LLC bought a new stake in Eastern Bankshares during the 2nd quarter valued at $85,000. SG Americas Securities LLC acquired a new stake in shares of Eastern Bankshares in the 1st quarter worth about $126,000. Tortoise Investment Management LLC bought a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $134,000. Finally, Profund Advisors LLC bought a new position in Eastern Bankshares during the 2nd quarter valued at $150,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.