Sippican Capital Advisors Acquires New Shares in Eastern Bankshares, Inc. (NASDAQ:EBC)

Sippican Capital Advisors bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) 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 (NASDAQ:EBC) last announced its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The company had revenue of $299.55 million during the quarter, compared to analysts’ expectations of $215.92 million. Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same period in the prior year, the business earned $0.32 earnings per share. As a group, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.11 EPS for the current fiscal year.

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.

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.