Eastern Bankshares, Inc. (NASDAQ:EBC) Receives $24.86 Average PT from Analysts

Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) have earned an average rating of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $24.8571.

A number of brokerages recently weighed in on EBC. Seaport Research Partners reaffirmed a “buy” rating and set a $27.00 price objective on shares of Eastern Bankshares in a research report 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 for the company. in a report on Tuesday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Eastern Bankshares in a research report on Friday, August 7th. Keefe, Bruyette & Woods raised their price target on shares of Eastern Bankshares from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, Wall Street Zen raised shares of Eastern Bankshares from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $22.29 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $5.09 billion, a PE ratio of 12.66 and a beta of 0.68. The stock’s fifty day simple moving average is $22.67 and its two-hundred day simple moving average is $20.96. Eastern Bankshares has a 12-month low of $16.61 and a 12-month high of $23.77.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The firm 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%. As a group, analysts expect that Eastern Bankshares will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

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

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Joseph F. Casey sold 1,778 shares of Eastern Bankshares 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 directly owned 60,301 shares of the company’s stock, valued at approximately $1,368,229.69. The trade was a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the completion of the transaction, the director directly owned 20,475 shares in the company, valued at $464,987.25. This represents a 7.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,197 shares of company stock valued at $809,724. 1.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in Eastern Bankshares by 32.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,166 shares of the company’s stock worth $42,000 after buying an additional 529 shares during the period. 1620 Investment Advisors Inc. raised its position in Eastern Bankshares by 8.3% during the 4th quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock worth $131,000 after buying an additional 543 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Eastern Bankshares by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock valued at $513,000 after acquiring an additional 584 shares during the period. California State Teachers Retirement System lifted its stake in Eastern Bankshares by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock valued at $2,739,000 after acquiring an additional 660 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its holdings in shares of Eastern Bankshares by 6.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock valued at $200,000 after acquiring an additional 740 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

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.