Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Rockland Trust Co.

Rockland Trust Co. lessened its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 28.3% during the 3rd quarter, Holdings Channel reports. The firm owned 31,368 shares of the company’s stock after selling 12,387 shares during the quarter. Rockland Trust Co.’s holdings in Eastern Bankshares were worth $514,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Sachetta LLC acquired a new position in shares of Eastern Bankshares in the 2nd quarter valued at $35,000. Innealta Capital LLC acquired a new position in shares of Eastern Bankshares in the 2nd quarter worth approximately $85,000. SG Americas Securities LLC acquired a new position in Eastern Bankshares in the third quarter worth $124,000. Tortoise Investment Management LLC acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at about $134,000. Finally, Profund Advisors LLC acquired a new position in Eastern Bankshares in the second quarter valued at approximately $150,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastern Bankshares

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on EBC shares. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

Eastern Bankshares Trading Up 1.2 %

NASDAQ EBC traded up $0.19 on Friday, hitting $16.19. 772,182 shares of the stock were exchanged, compared to its average volume of 1,011,888. Eastern Bankshares, Inc. has a 52-week low of $10.65 and a 52-week high of $17.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 5.68 and a beta of 0.89. The company’s 50-day moving average price is $16.07 and its two-hundred day moving average price is $14.50.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. The business had revenue of $232.72 million for the quarter, compared to the consensus estimate of $157.45 million. During the same period in the prior year, the business posted $0.28 earnings per share. Research analysts predict that Eastern Bankshares, Inc. will post 1.11 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.72%. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

Eastern Bankshares 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.