Eastern Bankshares (NASDAQ:EBC) Given New $24.00 Price Target at Barclays

Eastern Bankshares (NASDAQ:EBC) had its target price raised by stock analysts at Barclays from $23.00 to $24.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 5.08% from the company’s current price.

Several other equities analysts have also weighed in on EBC. Stephens lowered 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. Seaport Research Partners reaffirmed a “buy” rating and set a $27.00 price target on shares of Eastern Bankshares in a research report on Monday, July 27th. Weiss Ratings upgraded Eastern Bankshares from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. TD Cowen lowered their price target on Eastern Bankshares from $26.00 to $25.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Keefe, Bruyette & Woods raised their price objective on Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Eastern Bankshares has a consensus rating of “Moderate Buy” and a consensus target price of $25.14.

Eastern Bankshares Trading Down 0.4%

Shares of EBC stock opened at $22.84 on Tuesday. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 13.14 and a beta of 0.70. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.09. Eastern Bankshares has a fifty-two week low of $16.65 and a fifty-two week high of $23.77. The firm’s 50 day moving average price is $21.68 and its two-hundred day moving average price is $21.07.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, October 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Eastern Bankshares had a net margin of 24.04% and a return on equity of 9.37%. The company had revenue of $311.70 million during the quarter, compared to the consensus estimate of $310.60 million. On average, analysts anticipate that Eastern Bankshares will post 1.89 EPS for the current year.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Joseph F. Casey sold 1,778 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $22.69, for a total value of $40,342.82. Following the transaction, the director owned 60,301 shares in the company, valued at $1,368,229.69. The trade was a 2.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Donald Westermann sold 23,005 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $21.43, for a total transaction of $492,997.15. Following the completion of the transaction, the insider owned 22,565 shares in the company, valued at $483,567.95. This represents a 50.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 65,190 shares of company stock valued at $1,452,900. Company insiders own 1.26% of the company’s stock.

Institutional Trading of Eastern Bankshares

Several large investors have recently modified their holdings of the business. Ashton Thomas Private Wealth LLC lifted its stake in Eastern Bankshares by 16.5% during the third quarter. Ashton Thomas Private Wealth LLC now owns 21,705 shares of the company’s stock worth $454,000 after purchasing an additional 3,067 shares during the last quarter. Covestor Ltd increased its stake in Eastern Bankshares by 405.6% during the third quarter. Covestor Ltd now owns 7,296 shares of the company’s stock valued at $152,000 after purchasing an additional 5,853 shares during the last quarter. Vest Financial LLC increased its stake in Eastern Bankshares by 98.0% during the third quarter. Vest Financial LLC now owns 188,493 shares of the company’s stock valued at $3,945,000 after purchasing an additional 93,296 shares during the last quarter. State Street Corp increased its stake in Eastern Bankshares by 42.3% during the second quarter. State Street Corp now owns 12,124,657 shares of the company’s stock valued at $269,652,000 after purchasing an additional 3,603,128 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Eastern Bankshares by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,290,830 shares of the company’s stock worth $28,708,000 after buying an additional 6,203 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

About Eastern Bankshares

Eastern Bankshares, Inc (NASDAQ:EBC) is the holding company for Eastern Bank, a full-service commercial bank headquartered in Boston, Massachusetts. Founded in 1818, Eastern Bank is one of the oldest and largest mutual banks in the United States to have converted to public ownership.

Eastern Bank provides a range of personal and business banking products, including checking and savings accounts, residential and commercial real estate loans, consumer lending, commercial loans, cash-management services and online banking.