Eastern Bankshares, Inc. (NASDAQ:EBC) Receives $15.25 Average Target Price from Brokerages

Shares of Eastern Bankshares, Inc. (NASDAQ:EBCGet Free Report) have received an average recommendation of “Hold” from the three research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and two have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $15.25.

A number of research firms have recently weighed in on EBC. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, January 26th. TheStreet upgraded Eastern Bankshares from a “d+” rating to a “c” rating in a report on Monday, October 16th.

View Our Latest Research Report on EBC

Eastern Bankshares Trading Up 2.5 %

EBC stock opened at $14.27 on Friday. The firm has a market cap of $2.52 billion, a P/E ratio of 10.12 and a beta of 0.89. Eastern Bankshares has a 1-year low of $9.93 and a 1-year high of $16.06. The business’s 50 day moving average is $13.96 and its 200-day moving average is $13.16. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28.

Eastern Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, March 1st will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Thursday, February 29th. Eastern Bankshares’s payout ratio is 31.21%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D raised its position in shares of Eastern Bankshares by 51.2% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 220,813 shares of the company’s stock valued at $2,709,000 after buying an additional 74,807 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Eastern Bankshares by 4.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,414,502 shares of the company’s stock valued at $17,356,000 after purchasing an additional 57,601 shares in the last quarter. Northstar Asset Management Inc. boosted its stake in shares of Eastern Bankshares by 23.5% during the 2nd quarter. Northstar Asset Management Inc. now owns 479,784 shares of the company’s stock valued at $5,887,000 after purchasing an additional 91,334 shares in the last quarter. TD Asset Management Inc lifted its position in Eastern Bankshares by 17.0% during the 3rd quarter. TD Asset Management Inc now owns 92,000 shares of the company’s stock valued at $1,154,000 after acquiring an additional 13,400 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Eastern Bankshares by 26.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,218 shares of the company’s stock worth $417,000 after buying an additional 6,856 shares during the last quarter. 58.03% of the stock is owned by institutional investors.

About Eastern Bankshares

(Get Free Report

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 deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.

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