Eastern Bankshares, Inc. (NASDAQ:EBC) Stock Position Reduced by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its stake in Eastern Bankshares, Inc. (NASDAQ:EBC) by 4.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 108,990 shares of the company’s stock after selling 4,500 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.05% of Eastern Bankshares worth $1,880,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new position in Eastern Bankshares in the third quarter worth approximately $25,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Eastern Bankshares by 127.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock worth $30,000 after purchasing an additional 1,010 shares during the last quarter. PFS Partners LLC bought a new position in shares of Eastern Bankshares during the 3rd quarter valued at $32,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Eastern Bankshares in the 3rd quarter valued at $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in Eastern Bankshares by 1,155.9% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after purchasing an additional 3,988 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $22.00 price target (up previously from $21.00) on shares of Eastern Bankshares in a research report on Monday, January 27th.

Eastern Bankshares Trading Down 0.5 %

EBC opened at $18.36 on Monday. The business has a 50 day moving average of $17.72 and a 200-day moving average of $16.97. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 27.40 and a beta of 0.94. Eastern Bankshares, Inc. has a 1-year low of $12.22 and a 1-year high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. Equities analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Tuesday, March 4th. Eastern Bankshares’s dividend payout ratio is presently 71.64%.

Insider Activity

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of Eastern Bankshares stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the completion of the transaction, the director now directly owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. This trade represents a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is currently owned by company insiders.

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.