Quantinno Capital Management LP Increases Holdings in Eastern Bankshares, Inc. $EBC

Quantinno Capital Management LP raised its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 378.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 213,703 shares of the company’s stock after buying an additional 169,031 shares during the quarter. Quantinno Capital Management LP’s holdings in Eastern Bankshares were worth $4,180,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Mendon Capital Advisors Corp acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at about $587,000. Weiss Asset Management LP grew its holdings in Eastern Bankshares by 142.5% during the first quarter. Weiss Asset Management LP now owns 84,613 shares of the company’s stock worth $1,655,000 after acquiring an additional 49,717 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Eastern Bankshares by 25.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,447,779 shares of the company’s stock valued at $28,319,000 after acquiring an additional 289,458 shares in the last quarter. Sei Investments Co. raised its position in Eastern Bankshares by 83.9% during the first quarter. Sei Investments Co. now owns 221,918 shares of the company’s stock valued at $4,341,000 after acquiring an additional 101,273 shares in the last quarter. Finally, State of Wyoming lifted its holdings in Eastern Bankshares by 230.5% in the first quarter. State of Wyoming now owns 13,655 shares of the company’s stock valued at $267,000 after acquiring an additional 9,523 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. TD Cowen increased their price target on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, July 27th. DA Davidson lifted their price objective on shares of Eastern Bankshares from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, July 27th. Barclays decreased their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Seaport Research Partners reissued a “buy” rating and set a $27.00 target price on shares of Eastern Bankshares in a research note on Monday, July 27th. Finally, Piper Sandler restated an “overweight” rating and set a $26.00 target price (up from $24.00) on shares of Eastern Bankshares in a research report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Eastern Bankshares has an average rating of “Moderate Buy” and an average target price of $24.86.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $22.84 on Friday. The firm has a 50-day simple moving average of $21.86 and a 200-day simple moving average of $20.72. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 12.98 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.16. Eastern Bankshares, Inc. has a 52 week low of $15.01 and a 52 week high of $23.75.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $316.01 million for the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. On average, equities analysts predict that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio (DPR) is 34.09%.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the company’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 value of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares in the company, valued at $464,987.25. This represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is currently owned by corporate insiders.

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.