Sachetta LLC Purchases Shares of 2,521 Eastern Bankshares, Inc. (NASDAQ:EBC)

Sachetta LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, Holdings Channel reports. The fund acquired 2,521 shares of the company’s stock, valued at approximately $35,000.

Several other institutional investors also recently modified their holdings of EBC. Arizona State Retirement System raised its position in Eastern Bankshares by 1.9% during the second quarter. Arizona State Retirement System now owns 44,452 shares of the company’s stock valued at $621,000 after purchasing an additional 814 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Eastern Bankshares by 6.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock valued at $538,000 after buying an additional 2,173 shares in the last quarter. ProShare Advisors LLC lifted its position in Eastern Bankshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock worth $384,000 after buying an additional 2,193 shares during the last quarter. Rhumbline Advisers boosted its stake in Eastern Bankshares by 0.9% in the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock worth $3,600,000 after buying an additional 2,320 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Eastern Bankshares by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 103,320 shares of the company’s stock valued at $1,424,000 after acquiring an additional 5,481 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Stock Performance

Eastern Bankshares stock opened at $16.06 on Wednesday. The stock’s 50 day moving average is $15.71 and its 200 day moving average is $14.14. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $2.84 billion, a P/E ratio of 5.64 and a beta of 0.89. Eastern Bankshares, Inc. has a twelve month low of $10.65 and a twelve month high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 25th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The business had revenue of $232.72 million during the quarter, compared to analysts’ expectations of $157.45 million. During the same period in the previous year, the company earned $0.28 earnings per share. On average, equities research analysts predict that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.44 annualized dividend and a yield of 2.74%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 15.44%.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EBC. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

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.