Creative Planning Acquires 8,857 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Creative Planning lifted its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 7.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 134,386 shares of the company’s stock after purchasing an additional 8,857 shares during the quarter. Creative Planning owned 0.08% of Eastern Bankshares worth $1,879,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of EBC. Sachetta LLC acquired a new position in Eastern Bankshares in the 2nd quarter valued at approximately $35,000. Innealta Capital LLC bought a new position in shares of Eastern Bankshares in the second quarter valued at approximately $85,000. SG Americas Securities LLC bought a new position in Eastern Bankshares during the 1st quarter valued at $126,000. Tortoise Investment Management LLC purchased a new position in shares of Eastern Bankshares in the 4th quarter worth approximately $134,000. Finally, Profund Advisors LLC purchased a new stake in shares of Eastern Bankshares during the 2nd quarter valued at $150,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eastern Bankshares

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EBC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. raised shares of 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 report on Tuesday, August 6th.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $16.14 on Tuesday. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.85 billion, a P/E ratio of 5.68 and a beta of 0.89. The business’s 50-day moving average price is $16.05 and its two-hundred day moving average price is $14.55.

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

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 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.