Cwm LLC Purchases 5,478 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Cwm LLC grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 1,383.3% in the third quarter, HoldingsChannel reports. The fund owned 5,874 shares of the company’s stock after buying an additional 5,478 shares during the period. Cwm LLC’s holdings in Eastern Bankshares were worth $96,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Sachetta LLC bought a new stake in shares of Eastern Bankshares during the 2nd quarter valued at $35,000. Innealta Capital LLC bought a new stake in Eastern Bankshares during the second quarter worth about $85,000. SG Americas Securities LLC acquired a new stake in Eastern Bankshares during the third quarter worth about $124,000. Profund Advisors LLC bought a new position in Eastern Bankshares in the 2nd quarter valued at about $150,000. Finally, Cetera Advisors LLC acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at approximately $182,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on EBC shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price objective (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 target for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Insiders Place Their Bets

In related news, President Quincy Lee Miller sold 12,676 shares of the firm’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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Down 4.8 %

EBC stock opened at $15.92 on Friday. The stock has a market capitalization of $2.81 billion, a P/E ratio of 5.59 and a beta of 0.89. 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 firm has a 50-day moving average price of $16.42 and a 200-day moving average price of $14.85. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $17.49.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The company had revenue of $299.55 million for the quarter, compared to the consensus estimate of $215.92 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 firm posted $0.32 EPS. As a group, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.11 EPS for the current fiscal year.

Eastern Bankshares Company 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.