Brokerages Set Eastern Bankshares, Inc. (NASDAQ:EBC) Price Target at $21.88

Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $21.8750.

A number of brokerages have weighed in on EBC. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Zacks Research raised shares of Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday. TD Cowen boosted their price target on shares of Eastern Bankshares from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Cowen reiterated a “buy” rating on shares of Eastern Bankshares in a report on Wednesday, January 7th. Finally, Hovde Group assumed coverage on shares of Eastern Bankshares in a research note on Monday, January 5th. They issued an “outperform” rating and a $22.50 target price on the stock.

Insider Buying and Selling at Eastern Bankshares

In related news, CFO R David Rosato bought 10,000 shares of the business’s stock in a transaction on Tuesday, October 28th. The stock was acquired at an average cost of $17.08 per share, with a total value of $170,800.00. Following the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $512,400. The trade was a 50.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Robert Francis Rivers acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average cost of $17.21 per share, with a total value of $860,500.00. Following the acquisition, the insider directly owned 403,274 shares of the company’s stock, valued at $6,940,345.54. This trade represents a 14.15% increase in their position. The SEC filing for this purchase provides additional information. 1.10% of the stock is owned by company insiders.

Institutional Trading of Eastern Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in EBC. HoldCo Asset Management LP acquired a new position in Eastern Bankshares in the second quarter valued at approximately $79,534,000. Norges Bank acquired a new position in shares of Eastern Bankshares in the 2nd quarter valued at $34,680,000. FJ Capital Management LLC purchased a new position in shares of Eastern Bankshares during the 3rd quarter worth $17,721,000. Azora Capital LP increased its position in shares of Eastern Bankshares by 54.5% during the 3rd quarter. Azora Capital LP now owns 2,597,878 shares of the company’s stock worth $47,151,000 after purchasing an additional 916,875 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Eastern Bankshares by 48.3% during the 3rd quarter. Wellington Management Group LLP now owns 2,601,634 shares of the company’s stock worth $47,220,000 after purchasing an additional 847,891 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Trading Up 2.7%

EBC stock opened at $19.56 on Friday. Eastern Bankshares has a 12-month low of $13.51 and a 12-month high of $20.19. The business’s 50-day moving average is $18.70 and its 200 day moving average is $17.53. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 78.24 and a beta of 0.81.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, October 23rd. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). The firm had revenue of $244.99 million during the quarter, compared to analysts’ expectations of $243.03 million. Eastern Bankshares had a net margin of 4.97% and a return on equity of 7.94%. On average, sell-side analysts anticipate that Eastern Bankshares will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

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

About Eastern Bankshares

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.