Janney Montgomery Scott LLC Has $1.86 Million Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Janney Montgomery Scott LLC reduced its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 10.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 113,490 shares of the company’s stock after selling 13,586 shares during the period. Janney Montgomery Scott LLC owned 0.05% of Eastern Bankshares worth $1,860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in EBC. Jupiter Asset Management Ltd. acquired a new stake in shares of Eastern Bankshares during the first quarter worth $3,804,000. Eastern Bank acquired a new stake in shares of Eastern Bankshares during the third quarter worth $23,849,000. Creative Planning grew its stake in shares of Eastern Bankshares by 27.3% during the third quarter. Creative Planning now owns 171,129 shares of the company’s stock worth $2,805,000 after purchasing an additional 36,743 shares during the period. Quest Partners LLC grew its stake in shares of Eastern Bankshares by 63,717.2% during the second quarter. Quest Partners LLC now owns 63,179 shares of the company’s stock worth $883,000 after purchasing an additional 63,080 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Eastern Bankshares by 18.7% during the first quarter. Sei Investments Co. now owns 41,330 shares of the company’s stock worth $570,000 after purchasing an additional 6,514 shares during the period. 71.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EBC has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $19.00 target price (up from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th.

Eastern Bankshares Trading Down 1.2 %

EBC stock opened at $18.59 on Thursday. The business’s 50-day moving average price is $16.66 and its two-hundred day moving average price is $15.29. The firm has a market cap of $3.99 billion, a PE ratio of 8.19 and a beta of 0.89. Eastern Bankshares, Inc. has a 1-year low of $11.72 and a 1-year high of $19.15.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). The business had revenue of $299.55 million for the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, analysts forecast that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares’s payout ratio is 18.97%.

Insider Activity

In other news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was 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 SEC, which is available through the SEC website. Corporate insiders own 1.15% of the company’s stock.

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.