Eastern Bankshares (NASDAQ:EBC) Stock Price Expected to Rise, TD Cowen Analyst Says

Eastern Bankshares (NASDAQ:EBC) had its price target upped by investment analysts at TD Cowen from $23.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 18.40% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Zacks Research raised Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Barclays initiated coverage on Eastern Bankshares in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 price target for the company. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Hovde Group began coverage on shares of Eastern Bankshares in a report on Monday, January 5th. They issued an “outperform” rating and a $22.50 target price for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.13.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $20.27 on Monday. The company has a market cap of $4.27 billion, a PE ratio of 49.44 and a beta of 0.81. Eastern Bankshares has a 12 month low of $13.51 and a 12 month high of $20.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50-day simple moving average of $19.09 and a 200-day simple moving average of $17.78.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, January 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $243.40 million for the quarter, compared to analyst estimates of $287.09 million. Eastern Bankshares had a net margin of 8.32% and a return on equity of 8.62%. On average, equities analysts anticipate that Eastern Bankshares will post 1.49 earnings per share for the current year.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Joseph F. Casey sold 322,771 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the transaction, the director owned 36,112 shares in the company, valued at $687,211.36. The trade was a 89.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Eastern Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of EBC. HoldCo Asset Management LP acquired a new position in Eastern Bankshares in the second quarter worth $79,534,000. Fourthstone LLC acquired a new stake in shares of Eastern Bankshares during the second quarter worth $1,293,000. Norges Bank bought a new position in shares of Eastern Bankshares in the 2nd quarter worth about $34,680,000. Eastern Bank boosted its holdings in shares of Eastern Bankshares by 6.2% in the 3rd quarter. Eastern Bank now owns 1,547,906 shares of the company’s stock valued at $28,094,000 after buying an additional 89,890 shares during the period. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Eastern Bankshares during the 2nd quarter valued at about $950,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

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.