Eastern Bankshares, Inc. (NASDAQ:EBC) to Issue Quarterly Dividend of $0.10

Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) announced a quarterly dividend on Thursday, April 28th, Zacks reports. Investors of record on Friday, June 3rd will be paid a dividend of 0.10 per share on Wednesday, June 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, June 2nd.

Eastern Bankshares stock opened at $19.16 on Friday. The business has a 50-day simple moving average of $21.02 and a 200 day simple moving average of $20.93. Eastern Bankshares has a 52 week low of $17.94 and a 52 week high of $23.03. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 20.83 and a beta of 0.87.

Eastern Bankshares (NASDAQ:EBCGet Rating) last announced its earnings results on Thursday, April 28th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Eastern Bankshares had a net margin of 24.62% and a return on equity of 4.86%. During the same period in the prior year, the company earned $0.27 EPS. Equities research analysts predict that Eastern Bankshares will post 1.17 EPS for the current year.

In related news, Director Luis Borgen sold 46,270 shares of Eastern Bankshares stock in a transaction on Monday, March 14th. The shares were sold at an average price of $20.31, for a total value of $939,743.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.36% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Eastern Bankshares by 4.8% during the fourth quarter. BlackRock Inc. now owns 11,901,449 shares of the company’s stock valued at $240,053,000 after buying an additional 542,556 shares during the period. Goldman Sachs Group Inc. lifted its position in Eastern Bankshares by 49.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,830,503 shares of the company’s stock valued at $57,092,000 after buying an additional 934,160 shares during the period. Millennium Management LLC raised its position in shares of Eastern Bankshares by 25.8% in the 4th quarter. Millennium Management LLC now owns 861,196 shares of the company’s stock worth $17,370,000 after purchasing an additional 176,532 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Eastern Bankshares by 3.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 765,732 shares of the company’s stock worth $15,544,000 after purchasing an additional 28,732 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Eastern Bankshares by 288.9% in the 2nd quarter. Morgan Stanley now owns 363,864 shares of the company’s stock worth $7,484,000 after purchasing an additional 270,313 shares during the last quarter. 47.79% of the stock is owned by institutional investors and hedge funds.

EBC has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Eastern Bankshares from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Monday, April 4th. Seaport Res Ptn restated a “buy” rating on shares of Eastern Bankshares in a report on Thursday, March 10th.

Eastern Bankshares Company Profile (Get Rating)

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. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.

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Dividend History for Eastern Bankshares (NASDAQ:EBC)

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