Eastern Bankshares, Inc. (NASDAQ:EBC) CFO Buys $154,000.00 in Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) CFO R David Rosato bought 10,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares of the company’s stock, valued at $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $16.27 on Friday. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 24.28 and a beta of 0.95. The business has a fifty day moving average of $17.64 and a 200-day moving average of $17.36.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. On average, equities research analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.95%. Eastern Bankshares’s payout ratio is 71.64%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Eastern Bankshares by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 20,122,356 shares of the company’s stock valued at $347,111,000 after buying an additional 90,293 shares in the last quarter. FMR LLC boosted its stake in Eastern Bankshares by 1.9% during the fourth quarter. FMR LLC now owns 18,786,337 shares of the company’s stock valued at $324,064,000 after buying an additional 355,262 shares in the last quarter. State Street Corp boosted its stake in Eastern Bankshares by 20.3% during the third quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after buying an additional 1,170,276 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Eastern Bankshares by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,932,470 shares of the company’s stock valued at $119,585,000 after buying an additional 259,476 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Eastern Bankshares by 23.3% during the fourth quarter. First Trust Advisors LP now owns 5,080,479 shares of the company’s stock valued at $87,638,000 after buying an additional 960,591 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $22.00 target price (up from $21.00) on shares of Eastern Bankshares in a research report on Monday, January 27th.

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.