Quest Partners LLC Has $883,000 Stake in Eastern Bankshares, Inc. (NASDAQ:EBC)

Quest Partners LLC lifted its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 63,717.2% during the 2nd quarter, Holdings Channel reports. The fund owned 63,179 shares of the company’s stock after acquiring an additional 63,080 shares during the quarter. Quest Partners LLC’s holdings in Eastern Bankshares were worth $883,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in Eastern Bankshares by 4.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,551,113 shares of the company’s stock worth $22,026,000 after buying an additional 70,561 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Eastern Bankshares by 20.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,794,640 shares of the company’s stock worth $53,885,000 after purchasing an additional 634,133 shares in the last quarter. Tortoise Investment Management LLC acquired a new position in shares of Eastern Bankshares during the fourth quarter worth approximately $134,000. Norges Bank bought a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $24,543,000. Finally, Congress Wealth Management LLC DE acquired a new stake in shares of Eastern Bankshares in the fourth quarter valued at approximately $2,790,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on EBC. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 target price (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock opened at $16.06 on Wednesday. The firm has a fifty day moving average of $15.71 and a two-hundred day moving average of $14.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 5.64 and a beta of 0.89. Eastern Bankshares, Inc. has a 52 week low of $10.65 and a 52 week high of $17.26.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Eastern Bankshares had a return on equity of 5.06% and a net margin of 48.38%. The business had revenue of $232.72 million during the quarter, compared to analysts’ expectations of $157.45 million. During the same period in the previous year, the firm earned $0.28 earnings per share. As a group, equities research analysts predict that Eastern Bankshares, Inc. will post 1.13 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a $0.11 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.74%. Eastern Bankshares’s dividend payout ratio is 15.44%.

About Eastern Bankshares

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.