Endeavour Capital Advisors Inc. Reduces Stake in Eastern Bankshares, Inc. $EBC

Endeavour Capital Advisors Inc. lessened its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 9.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 377,776 shares of the company’s stock after selling 39,280 shares during the quarter. Eastern Bankshares comprises 1.9% of Endeavour Capital Advisors Inc.’s portfolio, making the stock its 22nd largest holding. Endeavour Capital Advisors Inc. owned approximately 0.18% of Eastern Bankshares worth $6,962,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Minerva Advisors LLC purchased a new position in Eastern Bankshares during the fourth quarter valued at approximately $1,153,000. Sandy Cove Advisors LLC purchased a new stake in Eastern Bankshares in the 4th quarter worth approximately $1,109,000. Legal & General Group Plc boosted its holdings in Eastern Bankshares by 6.9% in the 4th quarter. Legal & General Group Plc now owns 214,136 shares of the company’s stock valued at $3,947,000 after purchasing an additional 13,771 shares during the period. Hantz Financial Services Inc. purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $110,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $211,000. 71.68% of the stock is currently owned by institutional investors.

Eastern Bankshares Price Performance

EBC opened at $19.85 on Tuesday. The business’s fifty day simple moving average is $19.82 and its 200 day simple moving average is $19.57. Eastern Bankshares, Inc. has a 52 week low of $14.10 and a 52 week high of $22.58. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.59 billion, a PE ratio of 11.15 and a beta of 0.70.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The firm had revenue of $295.90 million during the quarter, compared to analysts’ expectations of $308.68 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. As a group, research analysts expect that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 5th. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 3.0%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 29.21%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on EBC shares. TD Cowen lowered their price objective on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Stephens initiated coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price on the stock. DA Davidson initiated coverage on Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target on the stock. Barclays dropped their price target on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Finally, Piper Sandler assumed coverage on shares of Eastern Bankshares in a research report on Monday, March 16th. They issued an “overweight” rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.92.

Insiders Place Their Bets

In related news, CFO R David Rosato purchased 5,000 shares of Eastern Bankshares stock in a transaction that occurred on Thursday, March 5th. The shares were acquired at an average cost of $19.17 per share, for a total transaction of $95,850.00. Following the transaction, the chief financial officer directly owned 45,000 shares in the company, valued at $862,650. The trade was a 12.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.26% of the stock is owned by corporate insiders.

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.