TD Asset Management Inc Raises Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

TD Asset Management Inc lifted its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 10.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,722 shares of the company’s stock after buying an additional 10,322 shares during the period. TD Asset Management Inc’s holdings in Eastern Bankshares were worth $1,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of EBC. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Eastern Bankshares by 6.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock valued at $538,000 after purchasing an additional 2,173 shares in the last quarter. ProShare Advisors LLC lifted its position in Eastern Bankshares by 8.5% during the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock valued at $384,000 after purchasing an additional 2,193 shares in the last quarter. Rhumbline Advisers lifted its position in Eastern Bankshares by 0.9% during the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock valued at $3,600,000 after purchasing an additional 2,320 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Eastern Bankshares by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 103,320 shares of the company’s stock valued at $1,424,000 after purchasing an additional 5,481 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Eastern Bankshares during the second quarter valued at $85,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastern Bankshares

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 stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.15% of the company’s stock.

Eastern Bankshares Price Performance

NASDAQ:EBC opened at $16.27 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.51 billion, a P/E ratio of 5.71 and a beta of 0.89. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $17.26. The business’s 50-day moving average is $15.84 and its 200 day moving average is $14.18.

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

Eastern Bankshares Announces Dividend

The company also recently announced 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 of this dividend is Tuesday, September 3rd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.70%. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

Analyst Upgrades and Downgrades

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

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.