142,975 Shares in Eastern Bankshares, Inc. $EBC Bought by Hsbc Holdings PLC

Hsbc Holdings PLC bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 142,975 shares of the company’s stock, valued at approximately $2,634,000. Hsbc Holdings PLC owned 0.06% of Eastern Bankshares as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of EBC. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after acquiring an additional 762 shares during the period. Danske Bank A S boosted its position in shares of Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after purchasing an additional 1,600 shares in the last quarter. Allworth Financial LP boosted its position in shares of Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after purchasing an additional 584 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Eastern Bankshares during the fourth quarter worth approximately $40,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Eastern Bankshares during the fourth quarter worth approximately $52,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

Eastern Bankshares stock opened at $22.09 on Monday. Eastern Bankshares, Inc. has a fifty-two week low of $14.88 and a fifty-two week high of $22.58. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50-day simple moving average is $20.20 and its 200 day simple moving average is $19.96. The stock has a market cap of $5.11 billion, a PE ratio of 12.41 and a beta of 0.69.

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

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 5th. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. Eastern Bankshares’s dividend payout ratio (DPR) is 33.71%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EBC shares. Piper Sandler boosted their price target on Eastern Bankshares from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday. DA Davidson assumed coverage on shares of Eastern Bankshares in a research note on Friday, May 15th. They issued a “buy” rating and a $24.00 price objective for the company. TD Cowen dropped their target price on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Finally, Weiss Ratings upgraded shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.08.

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.