Sei Investments Co. Purchases 101,273 Shares of Eastern Bankshares, Inc. $EBC

Sei Investments Co. increased its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 83.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 221,918 shares of the company’s stock after acquiring an additional 101,273 shares during the period. Sei Investments Co.’s holdings in Eastern Bankshares were worth $4,341,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Eastern Bankshares by 87.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock worth $30,000 after purchasing an additional 762 shares in the last quarter. Danske Bank A S lifted its holdings in shares of Eastern Bankshares by 533.3% during the fourth quarter. Danske Bank A S now owns 1,900 shares of the company’s stock valued at $35,000 after purchasing an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eastern Bankshares during the fourth quarter valued at $40,000. Flagship Harbor Advisors LLC bought a new stake in Eastern Bankshares in the 4th quarter worth about $52,000. Finally, SHP Wealth Management purchased a new position in Eastern Bankshares in the 4th quarter worth about $52,000. 71.68% of the stock is owned by institutional investors.

Eastern Bankshares Stock Performance

Shares of NASDAQ EBC opened at $23.19 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. Eastern Bankshares, Inc. has a 12-month low of $14.95 and a 12-month high of $23.75. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 13.18 and a beta of 0.68. The firm has a 50 day moving average of $21.73 and a 200 day moving average of $20.68.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $308.20 million. On average, research analysts anticipate that Eastern Bankshares, Inc. will post 1.88 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio (DPR) is currently 34.09%.

Insiders Place Their Bets

In related news, Director Luis Borgen sold 1,710 shares of Eastern Bankshares stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director directly owned 20,475 shares in the company, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Eastern Bankshares from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. DA Davidson raised their target price on shares of Eastern Bankshares from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods lifted their target price on shares of Eastern Bankshares from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Hovde Group boosted their target price on shares of Eastern Bankshares from $23.50 to $26.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Piper Sandler restated an “overweight” rating and issued a $26.00 price target (up from $24.00) on shares of Eastern Bankshares in a research note on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.86.

Eastern Bankshares Company 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.