Towle & Co. Sells 40,560 Shares of Eastern Bankshares, Inc. $EBC

Towle & Co. lowered its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 20.2% in the 1st quarter, Holdings Channel reports. The firm owned 160,260 shares of the company’s stock after selling 40,560 shares during the quarter. Towle & Co.’s holdings in Eastern Bankshares were worth $3,135,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. 1620 Investment Advisors Inc. raised its holdings in shares of Eastern Bankshares by 8.3% in the fourth quarter. 1620 Investment Advisors Inc. now owns 7,092 shares of the company’s stock worth $131,000 after buying an additional 543 shares during the period. Allworth Financial LP boosted its holdings in Eastern Bankshares by 36.4% during the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after acquiring an additional 584 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Eastern Bankshares by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,812 shares of the company’s stock valued at $513,000 after acquiring an additional 584 shares during the period. California State Teachers Retirement System boosted its holdings in Eastern Bankshares by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 179,379 shares of the company’s stock valued at $2,739,000 after acquiring an additional 660 shares during the period. Finally, Orion Porfolio Solutions LLC grew its position in Eastern Bankshares by 6.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,102 shares of the company’s stock valued at $200,000 after acquiring an additional 740 shares during the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Stock Up 0.2%

Shares of NASDAQ:EBC opened at $22.62 on Friday. Eastern Bankshares, Inc. has a 52-week low of $14.88 and a 52-week high of $23.53. The stock has a market cap of $5.23 billion, a P/E ratio of 12.71 and a beta of 0.67. The business’s 50 day moving average is $21.11 and its 200 day moving average is $20.43. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.16.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $316.00 million during the quarter, compared to analyst estimates of $308.20 million. Eastern Bankshares had a return on equity of 8.42% and a net margin of 26.28%. Sell-side analysts predict that Eastern Bankshares, Inc. will post 1.87 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 33.71%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on EBC shares. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a research note on Monday, June 8th. Weiss Ratings raised shares of Eastern Bankshares from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, May 12th. Stephens initiated coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 price target on the stock. Barclays reduced their price target on shares of Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, April 27th. Finally, TD Cowen decreased their price objective on shares of Eastern Bankshares from $23.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 27th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.08.

Insider Activity at Eastern Bankshares

In other news, Director Luis Borgen sold 1,710 shares of the firm’s 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 owned 20,475 shares in the company, valued at approximately $464,987.25. This trade represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.26% of the company’s stock.

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.