Integrated Wealth Concepts LLC Lowers Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Integrated Wealth Concepts LLC lowered its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 48.5% during the third quarter, HoldingsChannel.com reports. The firm owned 19,962 shares of the company’s stock after selling 18,827 shares during the period. Integrated Wealth Concepts LLC’s holdings in Eastern Bankshares were worth $327,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Eastern Bankshares during the third quarter worth approximately $25,000. PFS Partners LLC purchased a new position in shares of Eastern Bankshares in the third quarter valued at approximately $32,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Eastern Bankshares in the third quarter valued at approximately $41,000. Sachetta LLC purchased a new position in shares of Eastern Bankshares in the second quarter valued at approximately $35,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position 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 acquiring an additional 3,988 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

NASDAQ EBC opened at $17.99 on Friday. The company has a market cap of $3.86 billion, a PE ratio of 7.75 and a beta of 0.92. The stock’s 50 day simple moving average is $17.59 and its 200-day simple moving average is $15.99. Eastern Bankshares, Inc. has a 1-year low of $12.22 and a 1-year high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.25 EPS 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 company had revenue of $299.55 million for the quarter, compared to analysts’ expectations of $215.92 million. During the same quarter in the previous year, the business posted $0.32 EPS. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.12 per share. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.67%. Eastern Bankshares’s dividend payout ratio (DPR) is presently 20.69%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on Eastern Bankshares from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In related news, Director Deborah C. Jackson sold 5,713 shares of Eastern Bankshares stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the transaction, the director now owns 67,284 shares in the company, valued at approximately $1,248,791.04. This trade represents a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.15% of the stock is currently owned by company insiders.

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.