Short Interest in Eastern Bankshares, Inc. (NASDAQ:EBC) Grows By 9.6%

Eastern Bankshares, Inc. (NASDAQ:EBC) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 3,760,000 shares, an increase of 9.6% from the August 31st total of 3,430,000 shares. Based on an average trading volume of 1,290,000 shares, the days-to-cover ratio is currently 2.9 days.

Eastern Bankshares Stock Down 2.7 %

Shares of NASDAQ EBC traded down $0.44 during mid-day trading on Tuesday, reaching $15.95. 484,689 shares of the company were exchanged, compared to its average volume of 1,013,051. Eastern Bankshares has a 1 year low of $10.65 and a 1 year high of $17.26. The firm has a 50-day moving average of $16.09 and a 200 day moving average of $14.46. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 5.75 and a beta of 0.89. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.01.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.22. The business had revenue of $232.72 million for the quarter, compared to analysts’ expectations of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period last year, the business earned $0.28 EPS. On average, research analysts expect that Eastern Bankshares will post 1.11 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 2.76%. The ex-dividend date was Tuesday, September 3rd. Eastern Bankshares’s payout ratio is 15.44%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares 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 is accessible through the SEC website. Insiders own 1.15% of the company’s stock.

Institutional Trading of Eastern Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in EBC. Norges Bank acquired a new stake in Eastern Bankshares during the 4th quarter worth about $24,543,000. Steward Partners Investment Advisory LLC grew its holdings in Eastern Bankshares by 29.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 47,350 shares of the company’s stock worth $672,000 after acquiring an additional 10,670 shares during the period. The Manufacturers Life Insurance Company raised its position in Eastern Bankshares by 1,965.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,622,734 shares of the company’s stock valued at $23,043,000 after acquiring an additional 1,544,181 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in Eastern Bankshares by 102.8% in the fourth quarter. Rafferty Asset Management LLC now owns 207,810 shares of the company’s stock valued at $2,951,000 after acquiring an additional 105,342 shares during the period. Finally, Tortoise Investment Management LLC acquired a new stake in shares of Eastern Bankshares during the 4th quarter worth approximately $134,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

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.