Eastern Bankshares, Inc. (NASDAQ:EBC) Stock Position Lifted by Edgestream Partners L.P.

Edgestream Partners L.P. lifted its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 201.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,647 shares of the company’s stock after purchasing an additional 33,151 shares during the quarter. Edgestream Partners L.P.’s holdings in Eastern Bankshares were worth $694,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its stake in Eastern Bankshares by 24.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock valued at $67,599,000 after purchasing an additional 950,150 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Eastern Bankshares by 11.8% during the first quarter. Janus Henderson Group PLC now owns 3,795,493 shares of the company’s stock worth $52,300,000 after acquiring an additional 401,027 shares during the period. Wellington Management Group LLP raised its position in Eastern Bankshares by 19.3% in the fourth quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock worth $49,198,000 after acquiring an additional 559,754 shares in the last quarter. Jennison Associates LLC lifted its holdings in Eastern Bankshares by 23.8% in the 1st quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after acquiring an additional 576,381 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Eastern Bankshares by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock valued at $31,682,000 after purchasing an additional 193,151 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Stock Performance

Eastern Bankshares stock opened at $16.90 on Friday. Eastern Bankshares, Inc. has a fifty-two week low of $10.65 and a fifty-two week high of $17.26. The firm’s 50 day simple moving average is $16.08 and its 200-day simple moving average is $14.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $2.99 billion, a P/E ratio of 5.93 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 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 business earned $0.28 EPS. As a group, equities research analysts predict that Eastern Bankshares, Inc. will post 1.13 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 2.60%. Eastern Bankshares’s payout ratio is presently 15.44%.

Insider Buying and Selling at Eastern Bankshares

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 target price (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

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.