Russell Investments Group Ltd. Sells 865 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Russell Investments Group Ltd. cut its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,764 shares of the company’s stock after selling 865 shares during the quarter. Russell Investments Group Ltd.’s holdings in Eastern Bankshares were worth $110,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. FMR LLC boosted its holdings in shares of Eastern Bankshares by 24.9% during the 3rd quarter. FMR LLC now owns 9,926,166 shares of the company’s stock worth $124,474,000 after buying an additional 1,979,113 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Eastern Bankshares by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,480,552 shares of the company’s stock worth $18,566,000 after acquiring an additional 66,050 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in Eastern Bankshares in the third quarter worth $854,000. Vanguard Group Inc. increased its stake in Eastern Bankshares by 0.6% in the third quarter. Vanguard Group Inc. now owns 16,367,130 shares of the company’s stock valued at $205,244,000 after purchasing an additional 100,820 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Eastern Bankshares by 0.5% during the third quarter. Rhumbline Advisers now owns 249,603 shares of the company’s stock valued at $3,130,000 after purchasing an additional 1,184 shares during the period. Institutional investors own 71.68% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research report on Friday, January 26th.

Eastern Bankshares Stock Performance

EBC opened at $13.58 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 1-year low of $10.65 and a 1-year high of $15.07. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 4.76 and a beta of 0.88. The company’s fifty day moving average price is $13.31 and its two-hundred day moving average price is $13.34.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Friday, April 26th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Eastern Bankshares had a return on equity of 5.59% and a net margin of 49.59%. The firm had revenue of $230.30 million during the quarter, compared to analyst estimates of $157.52 million. During the same period in the previous year, the company posted $0.38 EPS. On average, analysts expect that Eastern Bankshares, Inc. will post 1.13 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Monday, June 3rd. Eastern Bankshares’s payout ratio is currently 15.44%.

Insiders Place Their Bets

In other news, Director Luis Borgen sold 40,288 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the transaction, the director now directly owns 42,040 shares of the company’s stock, valued at $549,883.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.15% of the company’s stock.

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.