Single Point Partners LLC Lowers Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Single Point Partners LLC trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 28.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 104,067 shares of the company’s stock after selling 41,334 shares during the quarter. Eastern Bankshares comprises approximately 2.6% of Single Point Partners LLC’s portfolio, making the stock its 9th biggest position. Single Point Partners LLC owned about 0.06% of Eastern Bankshares worth $1,706,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of EBC. Sachetta LLC purchased a new stake in shares of Eastern Bankshares in the 2nd quarter worth $35,000. Innealta Capital LLC purchased a new stake in Eastern Bankshares in the 2nd quarter worth $85,000. SG Americas Securities LLC bought a new stake in Eastern Bankshares during the third quarter valued at about $124,000. Tortoise Investment Management LLC purchased a new position in shares of Eastern Bankshares in the fourth quarter valued at about $134,000. Finally, Profund Advisors LLC bought a new position in shares of Eastern Bankshares in the second quarter worth about $150,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.15% of the stock is owned by company insiders.

Analyst Ratings Changes

EBC has been the topic of several research analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their target price for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Eastern Bankshares Stock Performance

EBC stock opened at $16.00 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 5.61 and a beta of 0.89. The firm has a 50-day simple moving average of $16.07 and a two-hundred day simple moving average of $14.50. Eastern Bankshares, Inc. has a one year low of $10.65 and a one year high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The business had revenue of $232.72 million during the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same quarter last year, the company posted $0.28 earnings per share. On average, equities analysts forecast that Eastern Bankshares, Inc. will post 1.11 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.44 annualized dividend and a dividend yield of 2.75%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Eastern Bankshares Company 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.