Credit Suisse AG increased its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) by 1.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,341 shares of the company’s stock after buying an additional 2,589 shares during the quarter. Credit Suisse AG owned about 0.08% of Eastern Bankshares worth $1,859,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Grey Fox Wealth Advisors LLC bought a new position in Eastern Bankshares during the 4th quarter valued at $50,000. Point72 Hong Kong Ltd bought a new position in Eastern Bankshares during the 2nd quarter valued at $56,000. TimeScale Financial Inc. boosted its stake in Eastern Bankshares by 28.8% during the 1st quarter. TimeScale Financial Inc. now owns 4,538 shares of the company’s stock valued at $57,000 after purchasing an additional 1,016 shares in the last quarter. State of Wyoming bought a new position in Eastern Bankshares during the 4th quarter valued at $91,000. Finally, Guardian Wealth Management Inc. boosted its stake in Eastern Bankshares by 45.8% during the 1st quarter. Guardian Wealth Management Inc. now owns 5,536 shares of the company’s stock valued at $119,000 after purchasing an additional 1,739 shares in the last quarter. 58.03% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Separately, JPMorgan Chase & Co. increased their price target on Eastern Bankshares from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, August 2nd.
Eastern Bankshares Price Performance
Shares of NASDAQ:EBC opened at $13.96 on Tuesday. Eastern Bankshares, Inc. has a one year low of $9.93 and a one year high of $21.54. The stock has a fifty day moving average of $13.50 and a 200-day moving average of $12.88. The company has a market capitalization of $2.46 billion, a PE ratio of -45.03 and a beta of 0.76. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.81 and a current ratio of 0.81.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Eastern Bankshares had a net margin of 25.57% and a return on equity of 8.49%. The company had revenue of $195.42 million for the quarter, compared to analyst estimates of $181.17 million. As a group, equities analysts anticipate that Eastern Bankshares, Inc. will post 1.2 EPS for the current fiscal year.
Eastern Bankshares Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.87%. Eastern Bankshares’s dividend payout ratio (DPR) is presently -129.03%.
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. It operates in two segments, Banking Business and Insurance Agency Business. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.
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