16,077 Shares in Eastern Bankshares, Inc. (NASDAQ:EBC) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC bought a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 16,077 shares of the company’s stock, valued at approximately $277,000.

Several other hedge funds also recently modified their holdings of the business. Atria Investments Inc lifted its stake in shares of Eastern Bankshares by 18.6% in the 4th quarter. Atria Investments Inc now owns 25,497 shares of the company’s stock valued at $440,000 after purchasing an additional 3,998 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Eastern Bankshares by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,020,834 shares of the company’s stock valued at $34,859,000 after buying an additional 20,792 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Eastern Bankshares by 16.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 72,705 shares of the company’s stock worth $1,254,000 after buying an additional 10,130 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Eastern Bankshares by 12.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,259,223 shares of the company’s stock worth $21,722,000 after buying an additional 142,999 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in shares of Eastern Bankshares by 22.8% in the 4th quarter. Handelsbanken Fonder AB now owns 36,600 shares of the company’s stock valued at $631,000 after acquiring an additional 6,800 shares during the last quarter. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

Shares of EBC stock opened at $16.76 on Thursday. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40. The firm has a fifty day moving average of $17.55 and a 200-day moving average of $17.35. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 25.01 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. Research analysts expect that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were paid a dividend of $0.12 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.86%. Eastern Bankshares’s payout ratio is 71.64%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Insiders Place Their Bets

In other Eastern Bankshares news, CFO R David Rosato acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $308,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.15% of the company’s stock.

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.