Eastern Bankshares (NASDAQ:EBC) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Eastern Bankshares (NASDAQ:EBC) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. Zacks Investment Research currently has $22.00 price target on the stock.

According to Zacks, “Eastern Bankshares Inc. provides commercial banking products and services primarily to retail, commercial and small business customers. It provides banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance offices. Eastern Bankshares Inc. is based in Boston, Massachusetts. “

Separately, Seaport Global Securities assumed coverage on shares of Eastern Bankshares in a research report on Thursday, February 25th. They issued a buy rating and a $19.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $17.00.

NASDAQ:EBC opened at $20.18 on Tuesday. Eastern Bankshares has a one year low of $11.74 and a one year high of $20.56. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average is $19.25 and its two-hundred day moving average is $16.85.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, January 28th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The firm had revenue of $153.25 million during the quarter, compared to analyst estimates of $145.17 million. Research analysts forecast that Eastern Bankshares will post 0.47 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Thursday, June 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, June 2nd.

A number of institutional investors and hedge funds have recently made changes to their positions in EBC. Winslow Evans & Crocker Inc. acquired a new position in Eastern Bankshares during the fourth quarter worth about $65,000. Northern Oak Wealth Management Inc. acquired a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $68,000. American Research & Management Co. acquired a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $73,000. Baystate Wealth Management LLC acquired a new position in shares of Eastern Bankshares in the first quarter valued at approximately $81,000. Finally, First Mercantile Trust Co. acquired a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $90,000.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides commercial banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and certificates of deposits, as well as debit and credit cards.

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Analyst Recommendations for Eastern Bankshares (NASDAQ:EBC)

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