Janney Montgomery Scott LLC Sells 20,100 Shares of Eastern Bankshares, Inc. $EBC

Janney Montgomery Scott LLC trimmed its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 19.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 84,890 shares of the company’s stock after selling 20,100 shares during the period. Janney Montgomery Scott LLC’s holdings in Eastern Bankshares were worth $1,296,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in EBC. Ballentine Partners LLC raised its stake in Eastern Bankshares by 43.2% during the 2nd quarter. Ballentine Partners LLC now owns 20,961 shares of the company’s stock valued at $320,000 after buying an additional 6,325 shares during the last quarter. Rockland Trust Co. raised its stake in Eastern Bankshares by 8.0% during the 2nd quarter. Rockland Trust Co. now owns 26,868 shares of the company’s stock valued at $410,000 after buying an additional 2,000 shares during the last quarter. Strs Ohio purchased a new stake in Eastern Bankshares during the 1st quarter valued at $130,000. Intech Investment Management LLC raised its stake in Eastern Bankshares by 36.2% during the 1st quarter. Intech Investment Management LLC now owns 109,369 shares of the company’s stock valued at $1,794,000 after buying an additional 29,058 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Eastern Bankshares by 789.9% in the 1st quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock worth $8,948,000 after purchasing an additional 484,277 shares in the last quarter. 71.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on EBC shares. TD Cowen started coverage on Eastern Bankshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $23.00 price objective for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Eastern Bankshares in a research note on Wednesday, October 8th. Finally, Cowen initiated coverage on Eastern Bankshares in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

Eastern Bankshares Stock Down 4.1%

EBC opened at $17.82 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 52 week low of $13.51 and a 52 week high of $19.40. The firm has a 50-day simple moving average of $17.09 and a two-hundred day simple moving average of $15.90. The company has a market capitalization of $3.77 billion, a PE ratio of -57.48 and a beta of 0.95.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. Eastern Bankshares had a negative net margin of 6.49% and a positive return on equity of 7.35%. The firm had revenue of $162.26 million during the quarter. Analysts forecast that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.9%. Eastern Bankshares’s dividend payout ratio (DPR) is -167.74%.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller bought 13,706 shares of Eastern Bankshares stock in a transaction dated Wednesday, August 27th. The shares were acquired at an average cost of $17.07 per share, with a total value of $233,961.42. Following the completion of the transaction, the president owned 13,706 shares in the company, valued at $233,961.42. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.

Eastern Bankshares 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.