Eastern Bankshares, Inc. (NASDAQ:EBC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Eastern Bankshares, Inc. (NASDAQ:EBC) has been given a consensus rating of “Moderate Buy” by the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $24.8571.

Several equities analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a report on Monday. DA Davidson lifted their target price on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Monday. Barclays dropped their target price 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. TD Cowen increased their price target on Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Monday. Finally, Stephens lowered Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research report on Tuesday.

Insiders Place Their Bets

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director owned 20,475 shares in the company, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.26% of the company’s stock.

Institutional Trading of Eastern Bankshares

A number of hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in Eastern Bankshares by 87.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after purchasing an additional 762 shares during the period. Danske Bank A S raised its holdings in Eastern Bankshares by 533.3% in the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after purchasing an additional 1,600 shares during the period. Allworth Financial LP boosted its position in shares of Eastern Bankshares by 36.4% during the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after purchasing an additional 584 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Eastern Bankshares during the fourth quarter worth $40,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at $52,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Trading Up 0.4%

NASDAQ:EBC traded up $0.10 on Thursday, hitting $23.14. 174,680 shares of the stock were exchanged, compared to its average volume of 2,580,157. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.88. Eastern Bankshares has a 52 week low of $14.88 and a 52 week high of $23.75. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 13.15 and a beta of 0.67. The company’s 50-day moving average price is $21.41 and its 200 day moving average price is $20.54.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The company had revenue of $316.00 million for the quarter, compared to analyst estimates of $308.20 million. On average, equities research analysts forecast that Eastern Bankshares will post 1.88 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business 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. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 2.6%. Eastern Bankshares’s dividend payout ratio is presently 34.09%.

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.