Stifel Financial Corp Has $647,000 Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Stifel Financial Corp cut its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 11.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,500 shares of the company’s stock after selling 5,217 shares during the quarter. Stifel Financial Corp’s holdings in Eastern Bankshares were worth $647,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Eastern Bankshares in the third quarter valued at about $25,000. PFS Partners LLC bought a new position in Eastern Bankshares in the 3rd quarter valued at about $32,000. Sachetta LLC purchased a new stake in Eastern Bankshares in the 2nd quarter valued at $35,000. RPg Family Wealth Advisory LLC bought a new position in shares of Eastern Bankshares during the third quarter valued at about $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after buying an additional 3,988 shares during the last quarter. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Price Performance

Shares of Eastern Bankshares stock opened at $17.33 on Thursday. The company has a 50 day simple moving average of $17.76 and a two-hundred day simple moving average of $16.26. The firm has a market cap of $3.72 billion, a PE ratio of 7.47 and a beta of 0.92. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. The business had revenue of $299.55 million for the quarter, compared to the consensus estimate of $215.92 million. During the same period in the prior year, the business posted $0.32 EPS. As a group, research analysts anticipate that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Tuesday, December 3rd were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.48 annualized dividend and a yield of 2.77%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. Eastern Bankshares’s payout ratio is 20.69%.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of Eastern Bankshares stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of the transaction, the director now directly owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. The trade was a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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.

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.