Victory Capital Management Inc. Sells 945 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Victory Capital Management Inc. decreased its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 3.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,655 shares of the company’s stock after selling 945 shares during the period. Victory Capital Management Inc.’s holdings in Eastern Bankshares were worth $429,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Eastern Bankshares by 6.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,478 shares of the company’s stock valued at $538,000 after purchasing an additional 2,173 shares during the period. ProShare Advisors LLC raised its position in Eastern Bankshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock worth $384,000 after acquiring an additional 2,193 shares during the period. Rhumbline Advisers raised its position in Eastern Bankshares by 0.9% in the second quarter. Rhumbline Advisers now owns 257,492 shares of the company’s stock worth $3,600,000 after acquiring an additional 2,320 shares during the period. Price T Rowe Associates Inc. MD raised its position in Eastern Bankshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 103,320 shares of the company’s stock worth $1,424,000 after acquiring an additional 5,481 shares during the period. Finally, Innealta Capital LLC bought a new position in Eastern Bankshares in the second quarter worth approximately $85,000. Institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

EBC has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th.

Insider Activity

In other news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Down 1.1 %

Shares of EBC stock opened at $16.90 on Monday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 5.93 and a beta of 0.89. Eastern Bankshares, Inc. has a one year low of $10.65 and a one year high of $17.26. The company’s fifty day moving average price is $16.08 and its 200-day moving average price is $14.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period last year, the firm earned $0.28 EPS. Sell-side analysts expect that Eastern Bankshares, Inc. will post 1.13 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.44 annualized dividend and a dividend yield of 2.60%. Eastern Bankshares’s payout ratio is 15.44%.

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.