Jupiter Asset Management Ltd. Boosts Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Jupiter Asset Management Ltd. increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 24.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,380 shares of the company’s stock after buying an additional 68,328 shares during the period. Jupiter Asset Management Ltd.’s holdings in Eastern Bankshares were worth $4,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Eastern Bankshares by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,551,113 shares of the company’s stock valued at $22,026,000 after purchasing an additional 70,561 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Eastern Bankshares by 9.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock valued at $31,682,000 after buying an additional 193,151 shares in the last quarter. Norges Bank acquired a new stake in Eastern Bankshares in the 4th quarter worth about $24,543,000. Congress Wealth Management LLC DE purchased a new stake in Eastern Bankshares during the 4th quarter worth approximately $2,790,000. Finally, Jennison Associates LLC raised its holdings in shares of Eastern Bankshares by 23.8% during the first quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after acquiring an additional 576,381 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Buying and Selling

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Price Performance

EBC stock opened at $16.27 on Friday. Eastern Bankshares, Inc. has a 1 year low of $10.65 and a 1 year high of $17.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $3.51 billion, a PE ratio of 5.71 and a beta of 0.89. The business has a 50 day simple moving average of $15.84 and a 200-day simple moving average of $14.18.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.22 earnings per share 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 company had revenue of $232.72 million for the quarter, compared to analyst estimates of $157.45 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. Equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.13 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Tuesday, September 3rd. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

Eastern Bankshares Profile

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.