Proficio Capital Partners LLC Takes $277,000 Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Proficio Capital Partners LLC acquired a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 16,077 shares of the company’s stock, valued at approximately $277,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in EBC. Enterprise Bank & Trust Co grew its position in Eastern Bankshares by 3.4% during the fourth quarter. Enterprise Bank & Trust Co now owns 24,234 shares of the company’s stock valued at $418,000 after acquiring an additional 800 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock valued at $30,000 after acquiring an additional 1,010 shares during the period. Verdence Capital Advisors LLC boosted its position in shares of Eastern Bankshares by 5.5% in the third quarter. Verdence Capital Advisors LLC now owns 20,486 shares of the company’s stock worth $336,000 after buying an additional 1,075 shares during the period. Amalgamated Bank boosted its position in shares of Eastern Bankshares by 21.1% in the third quarter. Amalgamated Bank now owns 6,595 shares of the company’s stock worth $108,000 after buying an additional 1,150 shares during the period. Finally, Diversified Trust Co grew its stake in shares of Eastern Bankshares by 6.5% in the fourth quarter. Diversified Trust Co now owns 20,971 shares of the company’s stock valued at $362,000 after buying an additional 1,272 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Performance

EBC stock opened at $15.44 on Wednesday. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40. The firm has a market cap of $3.29 billion, a P/E ratio of 23.04 and a beta of 0.95. The stock has a 50-day simple moving average of $17.71 and a 200-day simple moving average of $17.38.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates 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 research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Monday, March 3rd. Eastern Bankshares’s dividend payout ratio is currently 71.64%.

Wall Street Analyst Weigh In

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

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.