KLP Kapitalforvaltning AS Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

KLP Kapitalforvaltning AS acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 40,638 shares of the company’s stock, valued at approximately $701,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its stake in Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock worth $30,000 after purchasing an additional 1,010 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Eastern Bankshares in the fourth quarter valued at approximately $33,000. KBC Group NV increased its stake in Eastern Bankshares by 69.5% during the 4th quarter. KBC Group NV now owns 9,246 shares of the company’s stock worth $159,000 after buying an additional 3,791 shares during the period. Whittier Trust Co. acquired a new stake in Eastern Bankshares during the 4th quarter worth approximately $172,000. Finally, Orion Portfolio Solutions LLC purchased a new position in Eastern Bankshares in the 3rd quarter valued at approximately $180,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock opened at $16.42 on Wednesday. The business has a 50-day simple moving average of $17.47 and a 200-day simple moving average of $17.37. Eastern Bankshares, Inc. has a one year low of $12.22 and a one year high of $19.40. The company has a market cap of $3.50 billion, a PE ratio of 24.51 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last posted 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 11.07% and a return on equity of 6.02%. On average, sell-side analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio is presently 71.64%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, CFO R David Rosato acquired 10,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $15.40 per share, with a total value of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.15% of the stock is 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.