Mutual of America Capital Management LLC Sells 55,890 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Mutual of America Capital Management LLC reduced its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 14.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 320,137 shares of the company’s stock after selling 55,890 shares during the period. Mutual of America Capital Management LLC owned approximately 0.18% of Eastern Bankshares worth $4,476,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arizona State Retirement System increased its position in shares of Eastern Bankshares by 1.9% during the second quarter. Arizona State Retirement System now owns 44,452 shares of the company’s stock valued at $621,000 after purchasing an additional 814 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Eastern Bankshares by 6.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock valued at $538,000 after buying an additional 2,173 shares in the last quarter. ProShare Advisors LLC grew its position in Eastern Bankshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock valued at $384,000 after acquiring an additional 2,193 shares during the period. Rhumbline Advisers raised its stake in Eastern Bankshares by 0.9% during the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock worth $3,600,000 after acquiring an additional 2,320 shares in the last quarter. Finally, Sachetta LLC bought a new position in shares of Eastern Bankshares during the second quarter valued at $35,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of the firm’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 document filed with the SEC, which is available through this link. Corporate insiders own 1.15% of the company’s stock.

Eastern Bankshares Price Performance

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

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The firm had revenue of $232.72 million during the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. During the same period in the previous year, the business posted $0.28 EPS. Sell-side analysts anticipate that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on EBC. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their price target for the stock 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.