Sippican Capital Advisors Invests $744,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

Sippican Capital Advisors bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 45,364 shares of the company’s stock, valued at approximately $744,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Eastern Bankshares by 1,155.9% in the third 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. PFG Investments LLC acquired a new stake in Eastern Bankshares in the 3rd quarter valued at approximately $215,000. Ballentine Partners LLC acquired a new stake in Eastern Bankshares in the 3rd quarter valued at approximately $240,000. Moody Lynn & Lieberson LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter valued at $454,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Eastern Bankshares in the 3rd quarter worth $191,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Stock Performance

EBC traded up $0.05 on Thursday, hitting $16.68. 16,635 shares of the stock traded hands, compared to its average volume of 1,002,698. Eastern Bankshares, Inc. has a 52 week low of $10.65 and a 52 week high of $17.49. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $3.60 billion, a PE ratio of 7.17 and a beta of 0.89. The business has a fifty day moving average price of $16.49 and a two-hundred day moving average price of $14.97.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The company had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period in the previous year, the firm posted $0.32 earnings per share. On average, research analysts predict that Eastern Bankshares, Inc. will post 1.11 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. This represents a $0.48 annualized dividend and a yield of 2.88%. Eastern Bankshares’s dividend payout ratio is currently 20.69%.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued 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 boosted their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Eastern Bankshares 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.