RPg Family Wealth Advisory LLC Invests $41,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

RPg Family Wealth Advisory LLC bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,500 shares of the company’s stock, valued at approximately $41,000.

Several other hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Eastern Bankshares by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 103,320 shares of the company’s stock valued at $1,424,000 after buying an additional 5,481 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of Eastern Bankshares in the 1st quarter valued at $182,000. Cambridge Trust Co. acquired a new position in Eastern Bankshares in the first quarter valued at about $330,000. Diversified Trust Co bought a new stake in Eastern Bankshares during the second quarter worth about $245,000. Finally, Rockland Trust Co. increased its holdings in shares of Eastern Bankshares by 127.0% during the second quarter. Rockland Trust Co. now owns 43,755 shares of the company’s stock worth $612,000 after buying an additional 24,480 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Insiders Place Their Bets

In other news, President Quincy Lee Miller sold 12,676 shares of the company’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Down 0.4 %

Eastern Bankshares stock opened at $18.68 on Thursday. Eastern Bankshares, Inc. has a 12-month low of $11.86 and a 12-month high of $19.40. The stock has a 50-day simple moving average of $17.17 and a 200 day simple moving average of $15.68. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 8.05 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. The company had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.57%. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 18.97%.

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.