Keefe, Bruyette & Woods Reiterates Outperform Rating for Eastern Bankshares (NASDAQ:EBC)

Eastern Bankshares (NASDAQ:EBCGet Free Report)‘s stock had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a note issued to investors on Monday,Benzinga reports. They currently have a $22.00 target price on the stock, up from their previous target price of $21.00. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 21.35% from the company’s current price.

Eastern Bankshares Stock Down 1.1 %

Shares of Eastern Bankshares stock opened at $18.13 on Monday. The firm has a market cap of $3.89 billion, a PE ratio of 7.81 and a beta of 0.94. Eastern Bankshares has a twelve month low of $12.22 and a twelve month high of $19.40. The business has a 50-day moving average price of $17.74 and a 200 day moving average price of $16.92.

Eastern Bankshares (NASDAQ:EBCGet Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. On average, sell-side analysts expect that Eastern Bankshares will post 0.98 EPS for the current year.

Insider Activity at Eastern Bankshares

In related news, Director Deborah C. Jackson sold 5,713 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the completion of the transaction, the director now owns 67,284 shares of the company’s stock, valued at approximately $1,248,791.04. This trade represents a 7.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in Eastern Bankshares by 36.3% during the 3rd quarter. FMR LLC now owns 18,431,075 shares of the company’s stock valued at $302,085,000 after acquiring an additional 4,913,376 shares during the period. Systematic Financial Management LP grew its holdings in shares of Eastern Bankshares by 595.7% in the third quarter. Systematic Financial Management LP now owns 1,730,639 shares of the company’s stock valued at $28,365,000 after purchasing an additional 1,481,889 shares in the last quarter. Eastern Bank purchased a new stake in Eastern Bankshares during the 3rd quarter worth approximately $23,849,000. State Street Corp boosted its position in Eastern Bankshares by 20.3% in the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after buying an additional 1,170,276 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Eastern Bankshares by 23.0% in the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company’s stock worth $75,203,000 after acquiring an additional 859,136 shares in the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

About Eastern Bankshares

(Get Free Report)

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.

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