Corebridge Financial Inc. Sells 7,242 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Corebridge Financial Inc. trimmed its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 7.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,942 shares of the company’s stock after selling 7,242 shares during the period. Corebridge Financial Inc.’s holdings in Eastern Bankshares were worth $1,655,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. raised its stake in shares of Eastern Bankshares by 127.8% in the 3rd 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 in the last quarter. 1620 Investment Advisors Inc. acquired a new position in Eastern Bankshares during the fourth quarter valued at approximately $33,000. KBC Group NV raised its position in shares of Eastern Bankshares by 69.5% in 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. Whittier Trust Co. acquired a new stake in shares of Eastern Bankshares in the fourth quarter worth $172,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Eastern Bankshares in the 3rd quarter valued at $180,000. 71.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity at Eastern Bankshares

In other news, CFO R David Rosato bought 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $15.40 per share, with a total value of $154,000.00. Following the completion of the transaction, the chief financial officer now directly 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.15% of the stock is owned by corporate insiders.

Eastern Bankshares Stock Up 0.5 %

EBC opened at $16.50 on Thursday. The stock’s 50 day moving average price is $17.45 and its two-hundred day moving average price is $17.37. The firm has a market capitalization of $3.51 billion, a P/E ratio of 24.63 and a beta of 0.95. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data 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%. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio is currently 71.64%.

About Eastern Bankshares

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.