Fiduciary Trust Co Makes New $244,000 Investment in Eastern Bankshares, Inc. (NASDAQ:EBC)

Fiduciary Trust Co purchased a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 14,868 shares of the company’s stock, valued at approximately $244,000.

A number of other hedge funds have also modified their holdings of EBC. FORA Capital LLC acquired a new position in shares of Eastern Bankshares in the 3rd quarter worth approximately $314,000. MetLife Investment Management LLC lifted its stake in Eastern Bankshares by 24.5% during the third quarter. MetLife Investment Management LLC now owns 112,016 shares of the company’s stock worth $1,836,000 after purchasing an additional 22,048 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of Eastern Bankshares during the third quarter worth $41,000. FMR LLC grew its stake in shares of Eastern Bankshares by 36.3% in the third quarter. FMR LLC now owns 18,431,075 shares of the company’s stock valued at $302,085,000 after buying an additional 4,913,376 shares in the last quarter. Finally, Boston Family Office LLC purchased a new stake in shares of Eastern Bankshares in the 3rd quarter valued at $468,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Down 0.2 %

Eastern Bankshares stock opened at $18.64 on Monday. Eastern Bankshares, Inc. has a 52-week low of $11.86 and a 52-week high of $19.40. The firm has a market cap of $4.00 billion, a PE ratio of 8.03 and a beta of 0.89. The company’s 50 day moving average is $17.24 and its two-hundred day moving average is $15.76.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same period in the prior year, the company posted $0.32 EPS. On average, equities research analysts anticipate that Eastern Bankshares, Inc. will post 0.98 earnings per share 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. Stockholders of record on Tuesday, December 3rd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. Eastern Bankshares’s dividend payout ratio (DPR) is presently 20.69%.

Analysts Set New Price Targets

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

Eastern Bankshares Company Profile

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.