State of New Jersey Common Pension Fund D lowered its stake in Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) by 11.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,434 shares of the company’s stock after selling 14,986 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Eastern Bankshares worth $2,530,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Forbes J M & Co. LLP boosted its position in Eastern Bankshares by 5.0% in the 4th quarter. Forbes J M & Co. LLP now owns 10,500 shares of the company’s stock valued at $212,000 after buying an additional 500 shares during the period. Commonwealth Equity Services LLC increased its stake in Eastern Bankshares by 1.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 57,228 shares of the company’s stock valued at $1,154,000 after purchasing an additional 985 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Eastern Bankshares by 6.6% during the 1st quarter. Verdence Capital Advisors LLC now owns 16,834 shares of the company’s stock valued at $363,000 after purchasing an additional 1,045 shares in the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in shares of Eastern Bankshares in the fourth quarter worth $32,000. Finally, HighTower Advisors LLC increased its stake in shares of Eastern Bankshares by 12.5% in the fourth quarter. HighTower Advisors LLC now owns 18,601 shares of the company’s stock worth $375,000 after acquiring an additional 2,063 shares during the period. Hedge funds and other institutional investors own 58.98% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on EBC shares. Piper Sandler decreased their price objective on shares of Eastern Bankshares to $23.00 and set a “na” rating on the stock in a report on Monday, May 16th. JPMorgan Chase & Co. cut their price objective on shares of Eastern Bankshares from $23.50 to $22.50 and set a “neutral” rating for the company in a research report on Friday, July 1st.
Eastern Bankshares Stock Performance
Eastern Bankshares (NASDAQ:EBC – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. Eastern Bankshares had a net margin of 25.67% and a return on equity of 5.79%. During the same period last year, the firm posted $0.22 EPS. Sell-side analysts predict that Eastern Bankshares, Inc. will post 1.26 EPS for the current year.
Eastern Bankshares Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 1.97%. Eastern Bankshares’s dividend payout ratio is currently 38.84%.
Insider Buying and Selling at Eastern Bankshares
In related news, Director Greg Allen Sr. Shell sold 40,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $19.57, for a total value of $782,800.00. Following the completion of the sale, the director now directly owns 194,596 shares of the company’s stock, valued at $3,808,243.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.36% of the stock is owned by insiders.
Eastern Bankshares Company Profile
Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.
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