Impax Asset Management Group plc Grows Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Impax Asset Management Group plc boosted its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 8.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 815,540 shares of the company’s stock after buying an additional 65,540 shares during the period. Impax Asset Management Group plc owned approximately 0.38% of Eastern Bankshares worth $13,367,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Eastern Bankshares in the 3rd quarter valued at approximately $25,000. Sachetta LLC acquired a new stake in Eastern Bankshares in the second quarter valued at $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of 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 purchasing an additional 3,988 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Eastern Bankshares during the 2nd quarter worth $85,000. Finally, Signaturefd LLC increased its holdings in shares of Eastern Bankshares by 18.3% in the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after purchasing an additional 802 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Trading Up 1.4 %

Shares of EBC stock opened at $16.57 on Wednesday. The stock has a market cap of $3.57 billion, a P/E ratio of 7.14 and a beta of 0.89. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a fifty-two week low of $11.24 and a fifty-two week high of $17.49. The business has a fifty day simple moving average of $16.49 and a 200-day simple moving average of $15.07.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.76%. The business had revenue of $299.55 million for the quarter, compared to analysts’ expectations of $215.92 million. During the same quarter last year, the business posted $0.32 earnings per share. On average, analysts forecast that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently announced 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 of this dividend is Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.90%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. Eastern Bankshares’s dividend payout ratio is presently 18.97%.

Analyst Upgrades and Downgrades

EBC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Insiders Place Their Bets

In other news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.15% of the stock is currently owned by company insiders.

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.