Sippican Capital Advisors bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 45,364 shares of the company’s stock, valued at approximately $744,000.
Other large investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Eastern Bankshares during the 3rd quarter worth about $25,000. Sachetta LLC acquired a new stake in shares of Eastern Bankshares during the 2nd quarter worth $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after buying an additional 3,988 shares during the period. Signaturefd LLC increased its stake in Eastern Bankshares by 18.3% in the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after acquiring an additional 802 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Eastern Bankshares by 1,383.3% during the 3rd quarter. CWM LLC now owns 5,874 shares of the company’s stock worth $96,000 after buying an additional 5,478 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.
Eastern Bankshares Stock Performance
Shares of NASDAQ:EBC traded up $0.05 during mid-day trading on Thursday, reaching $16.68. The company had a trading volume of 16,635 shares, compared to its average volume of 1,002,698. The company’s 50-day moving average price is $16.49 and its 200-day moving average price is $14.97. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 7.17 and a beta of 0.89. Eastern Bankshares, Inc. has a one year low of $10.65 and a one year high of $17.49. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01.
Eastern Bankshares Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.12 per share. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.88%. Eastern Bankshares’s payout ratio is presently 20.69%.
Insider Activity
In other news, President Quincy Lee Miller sold 12,676 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.15% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on EBC shares. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $19.00 price objective (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th.
View Our Latest Stock Analysis on EBC
About Eastern Bankshares
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. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.
Featured Articles
- Five stocks we like better than Eastern Bankshares
- What Investors Need to Know About Upcoming IPOs
- Zillow Stock’s Bull Case: Why This Recent Sell-Off Could Be a Buy
- Want to Profit on the Downtrend? Downtrends, Explained.
- IonQ’s Quantum Surge: Ride the Wave or Cash Out?
- 3 Stocks to Protect Your Portfolio from the Coronavirus Contagion
- Caterpillar Stock: Market Points to a Buying Opportunity
Want to see what other hedge funds are holding EBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report).
Receive News & Ratings for Eastern Bankshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastern Bankshares and related companies with MarketBeat.com's FREE daily email newsletter.