Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Boston Family Office LLC

Boston Family Office LLC lessened its stake in Eastern Bankshares, Inc. (NASDAQ:EBC) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,381 shares of the company’s stock after selling 1,200 shares during the quarter. Boston Family Office LLC’s holdings in Eastern Bankshares were worth $472,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EBC. Norges Bank purchased a new position in Eastern Bankshares in the 4th quarter valued at about $37,196,000. Systematic Financial Management LP lifted its stake in shares of Eastern Bankshares by 595.7% in the third quarter. Systematic Financial Management LP now owns 1,730,639 shares of the company’s stock worth $28,365,000 after acquiring an additional 1,481,889 shares in the last quarter. State Street Corp boosted its holdings in Eastern Bankshares by 20.3% in 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. Geode Capital Management LLC grew its stake in Eastern Bankshares by 23.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company’s stock valued at $75,203,000 after purchasing an additional 859,136 shares in the last quarter. Finally, Barclays PLC increased its holdings in Eastern Bankshares by 284.1% during the 3rd quarter. Barclays PLC now owns 617,306 shares of the company’s stock worth $10,118,000 after purchasing an additional 456,586 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Activity at Eastern Bankshares

In related news, CFO R David Rosato purchased 10,000 shares of Eastern Bankshares stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $15.40 per share, with a total value of $154,000.00. Following the purchase, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. The trade was a 100.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Eastern Bankshares Stock Up 0.1 %

EBC stock opened at $16.42 on Wednesday. The stock has a market cap of $3.50 billion, a PE ratio of 24.51 and a beta of 0.95. The firm’s 50-day simple moving average is $17.47 and its 200 day simple moving average is $17.37. Eastern Bankshares, Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. Equities analysts forecast that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s payout ratio is currently 71.64%.

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.