Wellington Management Group LLP Grows Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Wellington Management Group LLP increased its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 19.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,464,674 shares of the company’s stock after acquiring an additional 559,754 shares during the quarter. Wellington Management Group LLP owned about 1.96% of Eastern Bankshares worth $49,198,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EBC. Charles Schwab Investment Management Inc. increased its stake in Eastern Bankshares by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,551,113 shares of the company’s stock worth $22,026,000 after acquiring an additional 70,561 shares during the last quarter. FMR LLC raised its stake in Eastern Bankshares by 24.9% during the third quarter. FMR LLC now owns 9,926,166 shares of the company’s stock valued at $124,474,000 after purchasing an additional 1,979,113 shares in the last quarter. Norges Bank bought a new position in Eastern Bankshares during the fourth quarter valued at $24,543,000. Congress Wealth Management LLC DE purchased a new position in shares of Eastern Bankshares in the 4th quarter worth $2,790,000. Finally, First Pacific Advisors LP increased its holdings in shares of Eastern Bankshares by 47.0% in the 4th quarter. First Pacific Advisors LP now owns 121,689 shares of the company’s stock worth $1,728,000 after buying an additional 38,933 shares during the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Down 0.7 %

Shares of NASDAQ:EBC opened at $13.00 on Friday. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 4.56 and a beta of 0.90. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $15.07. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $13.33 and a 200 day moving average price of $13.52.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Friday, April 26th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. The business had revenue of $230.30 million during the quarter, compared to analyst estimates of $157.52 million. Eastern Bankshares had a return on equity of 5.59% and a net margin of 49.59%. During the same period last year, the company earned $0.38 EPS. As a group, equities research analysts predict that Eastern Bankshares, Inc. will post 1.16 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.38%. The ex-dividend date was Monday, June 3rd. Eastern Bankshares’s payout ratio is 15.44%.

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.