Relative Value Partners Group LLC reduced its stake in Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) by 2.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 201,800 shares of the company’s stock after selling 4,200 shares during the quarter. Relative Value Partners Group LLC owned approximately 0.11% of Eastern Bankshares worth $2,547,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Grey Fox Wealth Advisors LLC acquired a new position in shares of Eastern Bankshares during the fourth quarter worth approximately $50,000. Point72 Hong Kong Ltd acquired a new position in shares of Eastern Bankshares during the second quarter worth approximately $56,000. TimeScale Financial Inc. lifted its holdings in shares of Eastern Bankshares by 28.8% during the first quarter. TimeScale Financial Inc. now owns 4,538 shares of the company’s stock worth $57,000 after buying an additional 1,016 shares during the last quarter. Knott David M Jr acquired a new position in shares of Eastern Bankshares during the first quarter worth approximately $63,000. Finally, State of Wyoming acquired a new position in shares of Eastern Bankshares during the fourth quarter worth approximately $91,000. 58.03% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, JPMorgan Chase & Co. upped their target price 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 Stock Performance
Shares of NASDAQ EBC opened at $13.11 on Friday. The business has a fifty day simple moving average of $13.59 and a 200 day simple moving average of $12.84. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -42.29 and a beta of 0.76. Eastern Bankshares, Inc. has a one year low of $9.93 and a one year high of $21.54.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last issued its earnings results on Thursday, July 27th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The firm had revenue of $195.42 million during the quarter, compared to analyst estimates of $181.17 million. Eastern Bankshares had a net margin of 25.57% and a return on equity of 8.49%. Sell-side analysts expect that Eastern Bankshares, Inc. will post 1.2 EPS for the current year.
Eastern Bankshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Thursday, August 31st. Eastern Bankshares’s dividend payout ratio (DPR) is -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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