121,125 Shares in Eastern Bankshares, Inc. $EBC Acquired by Capital Fund Management S.A.

Capital Fund Management S.A. purchased a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) during the second quarter, HoldingsChannel reports. The firm purchased 121,125 shares of the company’s stock, valued at approximately $1,850,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC increased its holdings in shares of Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock valued at $8,948,000 after purchasing an additional 484,277 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Eastern Bankshares by 36.2% during the 1st quarter. Intech Investment Management LLC now owns 109,369 shares of the company’s stock worth $1,794,000 after buying an additional 29,058 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Eastern Bankshares by 1.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,770,710 shares of the company’s stock valued at $160,240,000 after buying an additional 93,157 shares during the last quarter. Anderson Financial Strategies LLC acquired a new position in Eastern Bankshares in the 2nd quarter valued at about $950,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Eastern Bankshares in the 2nd quarter valued at about $3,122,000. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Performance

EBC opened at $18.82 on Thursday. The firm has a market cap of $3.97 billion, a P/E ratio of 75.28 and a beta of 0.83. Eastern Bankshares, Inc. has a 52-week low of $13.51 and a 52-week high of $19.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.89 and a current ratio of 0.89. The business’s fifty day moving average is $18.03 and its 200-day moving average is $16.64.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. The company had revenue of $162.26 million for the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%. Sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, December 3rd. Eastern Bankshares’s dividend payout ratio is 208.00%.

Insider Buying and Selling

In other news, CFO R David Rosato purchased 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average price of $17.08 per share, for a total transaction of $170,800.00. Following the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at approximately $512,400. The trade was a 50.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert Francis Rivers acquired 50,000 shares of the stock in a transaction on Tuesday, October 28th. The shares were purchased at an average price of $17.21 per share, with a total value of $860,500.00. Following the completion of the transaction, the insider owned 403,274 shares of the company’s stock, valued at approximately $6,940,345.54. This represents a 14.15% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Cowen assumed coverage on Eastern Bankshares in a report on Wednesday, September 24th. They set a “buy” rating for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a report on Monday. Finally, TD Cowen started coverage on Eastern Bankshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.50.

Eastern Bankshares Company 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.