Bank of New York Mellon Corp Purchases 142,999 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Bank of New York Mellon Corp raised its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,259,223 shares of the company’s stock after buying an additional 142,999 shares during the quarter. Bank of New York Mellon Corp owned about 0.59% of Eastern Bankshares worth $21,722,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in EBC. Nomura Asset Management Co. Ltd. raised its stake in shares of Eastern Bankshares by 127.8% in the third 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. RPg Family Wealth Advisory LLC purchased a new stake in shares of Eastern Bankshares in the third quarter worth about $41,000. Amalgamated Bank raised its position in Eastern Bankshares by 21.1% during the third quarter. Amalgamated Bank now owns 6,595 shares of the company’s stock valued at $108,000 after purchasing an additional 1,150 shares during the period. KBC Group NV raised its position in Eastern Bankshares by 69.5% during the fourth quarter. KBC Group NV now owns 9,246 shares of the company’s stock valued at $159,000 after purchasing an additional 3,791 shares during the period. Finally, Mascoma Wealth Management LLC bought a new position in shares of Eastern Bankshares during the third quarter valued at approximately $162,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

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

Eastern Bankshares Trading Down 5.7 %

Shares of NASDAQ EBC opened at $15.29 on Tuesday. The stock has a market capitalization of $3.26 billion, a PE ratio of 22.82 and a beta of 0.95. The stock’s fifty day simple moving average is $17.75 and its two-hundred day simple moving average is $17.39. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40.

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

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.14%. Eastern Bankshares’s payout ratio is currently 71.64%.

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.