Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Acquired by Verition Fund Management LLC

Verition Fund Management LLC increased its holdings in shares of Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) by 31.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,991 shares of the company’s stock after purchasing an additional 13,261 shares during the quarter. Verition Fund Management LLC’s holdings in Eastern Bankshares were worth $1,185,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Eastern Bankshares by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 15,773,984 shares of the company’s stock valued at $339,771,000 after purchasing an additional 157,920 shares during the last quarter. State Street Corp raised its holdings in shares of Eastern Bankshares by 12.5% in the 1st quarter. State Street Corp now owns 6,001,306 shares of the company’s stock valued at $129,268,000 after buying an additional 667,610 shares during the period. Geode Capital Management LLC raised its holdings in shares of Eastern Bankshares by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,336,362 shares of the company’s stock valued at $67,294,000 after buying an additional 190,581 shares during the period. Brown Advisory Inc. lifted its stake in Eastern Bankshares by 6.4% during the 1st quarter. Brown Advisory Inc. now owns 3,242,453 shares of the company’s stock worth $69,716,000 after acquiring an additional 193,656 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Eastern Bankshares by 4.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,951,326 shares of the company’s stock valued at $63,571,000 after acquiring an additional 120,823 shares during the period. 53.67% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

EBC opened at $21.07 on Wednesday. The business has a fifty day moving average price of $20.07 and a 200 day moving average price of $19.91. Eastern Bankshares, Inc. has a 12 month low of $17.98 and a 12 month high of $22.35. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of 20.46 and a beta of 1.00.

Eastern Bankshares (NASDAQ:EBCGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. Eastern Bankshares had a return on equity of 6.05% and a net margin of 25.67%. The business had revenue of $179.63 million during the quarter, compared to analysts’ expectations of $178.12 million. During the same quarter last year, the business posted $0.22 EPS. On average, research analysts anticipate that Eastern Bankshares, Inc. will post 1.39 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, September 1st. Eastern Bankshares’s dividend payout ratio (DPR) is presently 38.84%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EBC. JPMorgan Chase & Co. cut their price target on shares of Eastern Bankshares from $23.50 to $22.50 and set a “neutral” rating on the stock in a research note on Friday, July 1st. Compass Point upped their target price on shares of Eastern Bankshares to $28.00 in a research note on Tuesday, August 9th.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Greg Allen Sr. Shell sold 24,000 shares of Eastern Bankshares stock in a transaction on Friday, September 9th. The shares were sold at an average price of $20.10, for a total transaction of $482,400.00. Following the completion of the sale, the director now directly owns 173,465 shares of the company’s stock, valued at approximately $3,486,646.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Greg Allen Sr. Shell sold 24,000 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $20.10, for a total value of $482,400.00. Following the transaction, the director now owns 173,465 shares in the company, valued at approximately $3,486,646.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Luis Borgen sold 28,730 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $20.28, for a total value of $582,644.40. Following the sale, the director now owns 89,965 shares of the company’s stock, valued at approximately $1,824,490.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

About Eastern Bankshares

(Get Rating)

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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Institutional Ownership by Quarter for Eastern Bankshares (NASDAQ:EBC)

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