Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) by 9.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,719 shares of the company’s stock after selling 6,722 shares during the quarter. Russell Investments Group Ltd.’s holdings in Eastern Bankshares were worth $1,151,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Armstrong Advisory Group Inc. acquired a new stake in Eastern Bankshares during the fourth quarter valued at approximately $50,000. Point72 Hong Kong Ltd acquired a new stake in Eastern Bankshares during the second quarter valued at approximately $56,000. Quantbot Technologies LP acquired a new stake in Eastern Bankshares during the third quarter valued at approximately $99,000. Silvant Capital Management LLC raised its stake in Eastern Bankshares by 27.2% during the third quarter. Silvant Capital Management LLC now owns 5,183 shares of the company’s stock valued at $102,000 after buying an additional 1,107 shares in the last quarter. Finally, Guardian Wealth Management Inc. raised its stake in Eastern Bankshares by 45.8% during the first quarter. Guardian Wealth Management Inc. now owns 5,536 shares of the company’s stock valued at $119,000 after buying an additional 1,739 shares in the last quarter. Institutional investors and hedge funds own 54.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. TheStreet cut Eastern Bankshares from a “c-” rating to a “d+” rating in a research note on Tuesday, March 28th. Janney Montgomery Scott lowered Eastern Bankshares from a “buy” rating to a “neutral” rating and set a $17.00 target price for the company. in a report on Monday, January 30th. Finally, JPMorgan Chase & Co. lowered their target price on Eastern Bankshares from $15.00 to $12.50 in a report on Thursday, April 6th.

Eastern Bankshares Stock Performance

Shares of EBC stock opened at $11.40 on Thursday. Eastern Bankshares, Inc. has a 12-month low of $9.93 and a 12-month high of $21.54. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -38.00 and a beta of 0.66. The business has a 50 day simple moving average of $11.80 and a 200 day simple moving average of $15.26. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.84 and a quick ratio of 0.84.

Eastern Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Thursday, June 1st. Eastern Bankshares’s dividend payout ratio (DPR) is -133.33%.

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.