Eastern Bankshares, Inc. $EBC Shares Sold by FJ Capital Management LLC

FJ Capital Management LLC lessened its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 926,841 shares of the company’s stock after selling 49,501 shares during the period. Eastern Bankshares makes up 1.9% of FJ Capital Management LLC’s portfolio, making the stock its 16th biggest position. FJ Capital Management LLC owned about 0.44% of Eastern Bankshares worth $17,082,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. grew its position in Eastern Bankshares by 8.3% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock valued at $131,000 after acquiring an additional 543 shares during the period. Allworth Financial LP boosted its position in shares of Eastern Bankshares by 36.4% in the third quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock worth $40,000 after buying an additional 584 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Eastern Bankshares by 2.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock worth $513,000 after buying an additional 584 shares during the period. California State Teachers Retirement System boosted its position in shares of Eastern Bankshares by 0.4% in the second quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock worth $2,739,000 after buying an additional 660 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its position in shares of Eastern Bankshares by 6.0% in the second quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock worth $200,000 after buying an additional 740 shares during the period. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Trading Up 0.1%

Shares of NASDAQ EBC opened at $20.75 on Friday. The stock’s 50 day moving average price is $20.10 and its two-hundred day moving average price is $19.81. Eastern Bankshares, Inc. has a 52-week low of $14.10 and a 52-week high of $22.58. The stock has a market capitalization of $4.80 billion, a P/E ratio of 11.66 and a beta of 0.69. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%.The company had revenue of $295.90 million for the quarter, compared to analyst estimates of $308.68 million. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.87 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be given a $0.15 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.60 annualized dividend and a yield of 2.9%. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s payout ratio is 33.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EBC shares. Stephens began coverage on Eastern Bankshares in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price for the company. DA Davidson began coverage on Eastern Bankshares in a report on Friday, May 15th. They issued a “buy” rating and a $24.00 price target for the company. Barclays reduced their price target on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, April 27th. TD Cowen reduced their price target on Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Weiss Ratings raised Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.92.

Eastern Bankshares Profile

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.