Man Group plc Makes New $6.72 Million Investment in Eastern Bankshares, Inc. $EBC

Man Group plc purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 302,016 shares of the company’s stock, valued at approximately $6,717,000. Man Group plc owned approximately 0.13% of Eastern Bankshares as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in 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 buying an additional 762 shares during the period. Danske Bank A S grew its stake in Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after acquiring an additional 1,600 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the fourth quarter valued at about $40,000. Trust Co. of Vermont bought a new stake in shares of Eastern Bankshares in the second quarter worth about $55,000. Finally, Allworth Financial LP bought a new stake in shares of Eastern Bankshares in the second quarter worth about $57,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock opened at $22.29 on Friday. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 12.66 and a beta of 0.68. The stock’s 50-day moving average is $22.67 and its 200-day moving average is $20.97. Eastern Bankshares, Inc. has a one year low of $16.61 and a one year high of $23.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90.

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

Eastern Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s payout ratio is currently 34.09%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Eastern Bankshares in a report on Friday, August 7th. Keefe, Bruyette & Woods increased their target price on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Stephens downgraded shares of Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price on the stock. in a report on Tuesday, July 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Finally, Hovde Group upped their price target on shares of Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.86.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.71, for a total value of $38,834.10. Following the sale, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph F. Casey sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $22.72, for a total value of $227,200.00. Following the transaction, the director directly owned 62,079 shares of the company’s stock, valued at $1,410,434.88. This trade represents a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,197 shares of company stock valued at $809,724 in the last 90 days. 1.26% of the stock is currently owned by corporate insiders.

Eastern Bankshares Company Profile

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.