Eastern Bankshares, Inc. (NASDAQ:EBC) Stock Position Raised by Brown Advisory Inc.

Brown Advisory Inc. grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) by 6.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,242,453 shares of the company’s stock after purchasing an additional 193,656 shares during the period. Brown Advisory Inc. owned approximately 1.76% of Eastern Bankshares worth $69,716,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. William Blair Investment Management LLC raised its holdings in shares of Eastern Bankshares by 538.7% during the fourth quarter. William Blair Investment Management LLC now owns 2,225,466 shares of the company’s stock worth $44,888,000 after acquiring an additional 1,877,053 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Eastern Bankshares by 49.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,830,503 shares of the company’s stock worth $57,092,000 after acquiring an additional 934,160 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Eastern Bankshares by 61.9% during the fourth quarter. Jennison Associates LLC now owns 2,117,074 shares of the company’s stock worth $42,701,000 after acquiring an additional 809,522 shares in the last quarter. Granite Investment Partners LLC purchased a new stake in shares of Eastern Bankshares during the first quarter worth $12,879,000. Finally, Moody Aldrich Partners LLC purchased a new stake in shares of Eastern Bankshares during the fourth quarter worth $4,690,000. Hedge funds and other institutional investors own 58.98% of the company’s stock.

Insider Activity

In other news, Director Luis Borgen sold 28,730 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $20.28, for a total value of $582,644.40. Following the completion of the transaction, the director now owns 89,965 shares in the company, valued at $1,824,490.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Eastern Bankshares Stock Performance

Shares of NASDAQ:EBC opened at $20.37 on Friday. The company has a market cap of $3.75 billion, a P/E ratio of 19.78 and a beta of 0.97. The stock’s 50-day moving average is $19.18 and its 200-day moving average is $20.11. Eastern Bankshares, Inc. has a 52-week low of $17.98 and a 52-week high of $22.35.

Eastern Bankshares (NASDAQ:EBCGet Rating) last released its earnings results on Thursday, July 28th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Eastern Bankshares had a return on equity of 5.79% and a net margin of 25.67%. During the same quarter in the prior year, the firm earned $0.22 EPS. As a group, equities analysts predict that Eastern Bankshares, Inc. will post 1.33 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Thursday, September 1st. Eastern Bankshares’s dividend payout ratio is 38.84%.

Analyst Ratings Changes

EBC has been the subject of several recent research reports. Piper Sandler cut their price objective on Eastern Bankshares to $23.00 and set a “na” rating for the company in a report on Monday, May 16th. JPMorgan Chase & Co. lowered their target price on shares of Eastern Bankshares from $23.50 to $22.50 and set a “neutral” rating on the stock in a research report on Friday, July 1st.

Eastern Bankshares Profile

(Get Rating)

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. 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 time certificates of deposits, as well as debit and credit cards.

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Institutional Ownership by Quarter for Eastern Bankshares (NASDAQ:EBC)

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