Brown Advisory Inc. Has $60.20 Million Stake in Eastern Bankshares, Inc. $EBC

Brown Advisory Inc. reduced its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 5.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,942,192 shares of the company’s stock after selling 238,185 shares during the quarter. Brown Advisory Inc.’s holdings in Eastern Bankshares were worth $60,197,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Assetmark Inc. lifted its holdings in shares of Eastern Bankshares by 8,112.5% during the 2nd quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock valued at $30,000 after purchasing an additional 1,947 shares in the last quarter. CWM LLC raised its holdings in Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock worth $44,000 after buying an additional 1,360 shares during the period. Quantbot Technologies LP acquired a new stake in Eastern Bankshares during the 2nd quarter worth approximately $102,000. Strs Ohio bought a new position in Eastern Bankshares in the first quarter valued at approximately $130,000. Finally, RFG Bristol Wealth Advisors LLC acquired a new position in shares of Eastern Bankshares in the second quarter valued at approximately $153,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Transactions at Eastern Bankshares

In other news, Director Joseph F. Casey sold 322,771 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total value of $6,142,332.13. Following the completion of the sale, the director owned 36,112 shares of the company’s stock, valued at approximately $687,211.36. This represents a 89.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO R David Rosato bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average cost of $17.08 per share, with a total value of $170,800.00. Following the completion of the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $512,400. This represents a 50.00% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EBC. Weiss Ratings restated a “hold (c)” rating on shares of Eastern Bankshares in a report on Monday. TD Cowen assumed coverage on Eastern Bankshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target on the stock. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a report on Friday. Finally, Cowen started coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They set a “buy” rating for the company. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.50.

Eastern Bankshares Trading Up 0.7%

Eastern Bankshares stock opened at $19.05 on Friday. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 76.20 and a beta of 0.83. The firm has a 50-day moving average of $18.06 and a 200-day moving average of $16.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. Eastern Bankshares, Inc. has a one year low of $13.51 and a one year high of $19.31.

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

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, December 3rd will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.7%. Eastern Bankshares’s dividend payout ratio is currently 208.00%.

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.