Wellington Management Group LLP Has $126.33 Million Position in Eastern Bankshares, Inc. $EBC

Wellington Management Group LLP lowered its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 5.1% in the second quarter, Holdings Channel reports. The firm owned 5,680,338 shares of the company’s stock after selling 305,774 shares during the period. Wellington Management Group LLP’s holdings in Eastern Bankshares were worth $126,331,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Eastern Bankshares by 87.1% in the fourth 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 last quarter. Danske Bank A S grew its stake in Eastern Bankshares by 533.3% in the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after buying an additional 1,600 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Eastern Bankshares in the 4th quarter valued at $40,000. SHP Wealth Management bought a new position in Eastern Bankshares in the 4th quarter worth $52,000. Finally, Trust Co. of Vermont bought a new position in Eastern Bankshares in the 2nd quarter worth $55,000. Institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

Shares of NASDAQ:EBC opened at $21.50 on Wednesday. Eastern Bankshares, Inc. has a 1-year low of $16.61 and a 1-year high of $23.77. The firm has a market capitalization of $4.91 billion, a PE ratio of 12.22 and a beta of 0.66. The business’s 50 day moving average is $22.70 and its 200-day moving average is $20.96. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%. Sell-side analysts predict that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current 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 paid a $0.15 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. Eastern Bankshares’s dividend payout ratio is currently 34.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. 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. DA Davidson lifted their price objective on Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods lifted their price objective on Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Wall Street Zen raised Eastern Bankshares from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Finally, Stephens downgraded Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 target price for the company. in a research note on Tuesday, July 28th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.86.

Insiders Place Their Bets

In other news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph F. Casey sold 10,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $22.72, for a total transaction of $227,200.00. Following the completion of the sale, the director directly owned 62,079 shares in the company, valued at approximately $1,410,434.88. The trade was a 13.87% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 35,197 shares of company stock valued at $809,724. Corporate insiders own 1.26% of the company’s stock.

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.