Eastern Bankshares (NASDAQ:EBC) Raised to Strong-Buy at Hovde Group

Eastern Bankshares (NASDAQ:EBC) was upgraded by research analysts at Hovde Group to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other research firms also recently weighed in on EBC. Zacks Research downgraded shares of Eastern Bankshares from a “hold” rating to a “strong sell” rating in a research report on Monday, December 15th. Barclays initiated coverage on Eastern Bankshares in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $22.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, December 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, December 5th. Finally, Cowen initiated coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Eastern Bankshares has a consensus rating of “Moderate Buy” and an average price target of $21.88.

Eastern Bankshares Stock Up 1.5%

Eastern Bankshares stock opened at $19.41 on Monday. The stock has a market cap of $4.09 billion, a PE ratio of 77.64 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.89 and a current ratio of 0.89. Eastern Bankshares has a one year low of $13.51 and a one year high of $20.19. The stock has a fifty day moving average of $18.41 and a 200 day moving average of $17.35.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%.The business had revenue of $162.26 million for the quarter. As a group, sell-side analysts predict that Eastern Bankshares will post 1.49 EPS for the current year.

Insider Transactions at Eastern Bankshares

In other Eastern Bankshares news, CFO R David Rosato purchased 10,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was acquired at an average cost of $17.08 per share, for a total transaction of $170,800.00. Following the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $512,400. This trade represents a 50.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Francis Rivers acquired 50,000 shares of the business’s stock in a transaction on Tuesday, October 28th. The shares were bought at an average cost of $17.21 per share, with a total value of $860,500.00. Following the completion of the acquisition, the insider owned 403,274 shares in the company, valued at approximately $6,940,345.54. This represents a 14.15% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Eastern Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. HoldCo Asset Management LP increased its holdings in Eastern Bankshares by 23.0% in the 3rd quarter. HoldCo Asset Management LP now owns 6,408,772 shares of the company’s stock valued at $116,319,000 after acquiring an additional 1,200,272 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Eastern Bankshares by 0.7% during the second quarter. Geode Capital Management LLC now owns 4,732,472 shares of the company’s stock valued at $72,274,000 after purchasing an additional 31,228 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Eastern Bankshares by 48.3% in the third quarter. Wellington Management Group LLP now owns 2,601,634 shares of the company’s stock worth $47,220,000 after purchasing an additional 847,891 shares during the last quarter. Azora Capital LP lifted its position in shares of Eastern Bankshares by 54.5% in the third quarter. Azora Capital LP now owns 2,597,878 shares of the company’s stock worth $47,151,000 after buying an additional 916,875 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Eastern Bankshares in the second quarter worth about $34,680,000. Institutional investors own 71.68% 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.