Victory Capital Management Inc. Has $572,000 Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Victory Capital Management Inc. trimmed its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 71.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,185 shares of the company’s stock after selling 84,289 shares during the period. Victory Capital Management Inc.’s holdings in Eastern Bankshares were worth $572,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Atria Investments Inc increased its stake in shares of Eastern Bankshares by 20.3% in the third quarter. Atria Investments Inc now owns 21,499 shares of the company’s stock worth $352,000 after purchasing an additional 3,634 shares during the period. Swiss National Bank raised its position in Eastern Bankshares by 21.0% in the 3rd quarter. Swiss National Bank now owns 378,564 shares of the company’s stock worth $6,205,000 after purchasing an additional 65,764 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Eastern Bankshares during the 3rd quarter valued at $522,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Eastern Bankshares by 12.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,339,389 shares of the company’s stock valued at $38,343,000 after buying an additional 260,361 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Eastern Bankshares by 19.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,000,042 shares of the company’s stock valued at $32,781,000 after buying an additional 329,133 shares during the period. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $22.00 price objective (up from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Eastern Bankshares Stock Up 0.9 %

Eastern Bankshares stock opened at $16.59 on Friday. The stock has a market cap of $3.53 billion, a P/E ratio of 24.76 and a beta of 0.95. Eastern Bankshares, Inc. has a twelve month low of $12.22 and a twelve month high of $19.40. The company’s 50-day moving average price is $17.58 and its two-hundred day moving average price is $17.34.

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 anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is currently 71.64%.

Insider Activity

In other news, CFO R David Rosato purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.15% of the company’s stock.

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.