Sanctuary Advisors LLC Purchases Shares of 35,706 Eastern Bankshares, Inc. $EBC

Sanctuary Advisors LLC acquired a new position in Eastern Bankshares, Inc. (NASDAQ:EBC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 35,706 shares of the company’s stock, valued at approximately $794,000.

Several other institutional investors have also recently made changes to their positions in EBC. EverSource Wealth Advisors LLC increased its holdings in Eastern Bankshares by 87.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,637 shares of the company’s stock valued at $30,000 after buying an additional 762 shares in the last quarter. Danske Bank A S increased its stake in Eastern Bankshares by 533.3% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company’s stock worth $35,000 after buying an additional 1,600 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Eastern Bankshares during the fourth quarter valued at approximately $40,000. Trust Co. of Vermont acquired a new position in shares of Eastern Bankshares during the second quarter valued at approximately $55,000. Finally, Allworth Financial LP purchased a new position in shares of Eastern Bankshares in the second quarter valued at approximately $57,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 1,710 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.71, for a total value of $38,834.10. Following the completion of the sale, the director directly owned 20,475 shares in the company, valued at $464,987.25. This represents a 7.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph F. Casey sold 1,778 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $22.69, for a total transaction of $40,342.82. Following the completion of the sale, the director directly owned 60,301 shares of the company’s stock, valued at approximately $1,368,229.69. This trade represents a 2.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 35,197 shares of company stock valued at $809,724. 1.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Piper Sandler reaffirmed 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. Stephens downgraded Eastern Bankshares from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective for the company. in a research note on Tuesday, July 28th. Seaport Research Partners restated a “buy” rating and issued a $27.00 price objective on shares of Eastern Bankshares in a report on Monday, July 27th. TD Cowen lifted their target price 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. Finally, Hovde Group lifted their target price on shares of Eastern Bankshares from $23.50 to $26.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.86.

Eastern Bankshares Trading Down 0.5%

EBC opened at $22.29 on Friday. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 12.66 and a beta of 0.68. The company’s 50 day simple moving average is $22.67 and its two-hundred day simple moving average is $20.97. Eastern Bankshares, Inc. has a 1-year low of $16.61 and a 1-year high of $23.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Eastern Bankshares had a return on equity of 8.71% and a net margin of 25.12%.The business had revenue of $316.01 million during the quarter, compared to analyst estimates of $308.20 million. Analysts expect that Eastern Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. Eastern Bankshares’s payout ratio is 34.09%.

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.