Janney Montgomery Scott LLC Has $1.86 Million Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Janney Montgomery Scott LLC decreased its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 10.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 113,490 shares of the company’s stock after selling 13,586 shares during the period. Janney Montgomery Scott LLC’s holdings in Eastern Bankshares were worth $1,860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in EBC. V Square Quantitative Management LLC bought a new stake in shares of Eastern Bankshares in the third quarter valued at approximately $25,000. Sachetta LLC bought a new stake in shares of Eastern Bankshares in the second quarter valued at approximately $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Eastern Bankshares by 1,155.9% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after buying an additional 3,988 shares during the period. Innealta Capital LLC bought a new stake in shares of Eastern Bankshares in the second quarter valued at approximately $85,000. Finally, Signaturefd LLC boosted its stake in shares of Eastern Bankshares by 18.3% in the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after buying an additional 802 shares during the period. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insiders Place Their Bets

In other news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Down 1.2 %

NASDAQ EBC opened at $18.59 on Thursday. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 8.19 and a beta of 0.89. Eastern Bankshares, Inc. has a twelve month low of $11.72 and a twelve month high of $19.15. The stock has a fifty day simple moving average of $16.66 and a 200 day simple moving average of $15.29.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly 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). Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. The business had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. Research analysts expect that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.12 per share. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 18.97%.

Analyst Ratings Changes

Several equities research analysts have weighed in on EBC shares. Keefe, Bruyette & Woods restated an “outperform” rating and set 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 upped their target price for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

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.