Systematic Financial Management LP Sells 55,477 Shares of Eastern Bankshares, Inc. $EBC

Systematic Financial Management LP lessened its stake in Eastern Bankshares, Inc. (NASDAQ:EBC) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,847,294 shares of the company’s stock after selling 55,477 shares during the period. Systematic Financial Management LP’s holdings in Eastern Bankshares were worth $36,133,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Eastern Bankshares by 87.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after acquiring an additional 762 shares during the last quarter. Danske Bank A S grew its position in Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after acquiring an additional 1,600 shares in the last quarter. Allworth Financial LP increased its stake in Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after acquiring an additional 584 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Eastern Bankshares in the fourth quarter valued at $40,000. Finally, Flagship Harbor Advisors LLC bought a new position in Eastern Bankshares in the fourth quarter valued at $52,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

EBC stock opened at $22.62 on Friday. The firm has a market cap of $5.23 billion, a P/E ratio of 12.71 and a beta of 0.67. The firm’s fifty day moving average is $21.11 and its 200 day moving average is $20.43. Eastern Bankshares, Inc. has a 52 week low of $14.88 and a 52 week high of $23.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.91.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.42%. The business had revenue of $316.00 million during the quarter, compared to analyst estimates of $308.20 million. Research analysts predict that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.7%. Eastern Bankshares’s dividend payout ratio is currently 33.71%.

Insider Transactions at Eastern Bankshares

In related news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at $464,987.25. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on EBC. Piper Sandler lifted their price target on Eastern Bankshares from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Stephens assumed coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price objective on the stock. DA Davidson began coverage on Eastern Bankshares in a report on Friday, May 15th. They set a “buy” rating and a $24.00 price objective on the stock. Weiss Ratings raised Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. Finally, TD Cowen dropped their target price on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.08.

About Eastern Bankshares

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.