Rafferty Asset Management LLC Raises Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Rafferty Asset Management LLC grew its position in Eastern Bankshares, Inc. (NASDAQ:EBCFree Report) by 102.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 207,810 shares of the company’s stock after buying an additional 105,342 shares during the quarter. Rafferty Asset Management LLC owned 0.12% of Eastern Bankshares worth $2,951,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Eastern Bankshares by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 16,367,130 shares of the company’s stock worth $205,244,000 after buying an additional 100,820 shares during the period. FMR LLC raised its position in shares of Eastern Bankshares by 24.9% in the 3rd quarter. FMR LLC now owns 9,926,166 shares of the company’s stock worth $124,474,000 after acquiring an additional 1,979,113 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Eastern Bankshares by 20.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,794,640 shares of the company’s stock worth $53,885,000 after acquiring an additional 634,133 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Eastern Bankshares by 25.1% in the 3rd quarter. William Blair Investment Management LLC now owns 2,570,356 shares of the company’s stock worth $32,232,000 after acquiring an additional 516,200 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Eastern Bankshares in the 4th quarter worth $24,543,000. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 40,288 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following the transaction, the director now directly owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.15% of the stock is currently owned by corporate insiders.

Eastern Bankshares Trading Down 1.6 %

EBC opened at $13.06 on Friday. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 4.58 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 12 month low of $10.65 and a 12 month high of $15.07. The stock has a fifty day moving average price of $13.31 and a 200-day moving average price of $13.47.

Eastern Bankshares (NASDAQ:EBCGet Free Report) last released its quarterly earnings results on Friday, April 26th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. The firm had revenue of $230.30 million during the quarter, compared to analyst estimates of $157.52 million. Eastern Bankshares had a return on equity of 5.59% and a net margin of 49.59%. During the same period in the previous year, the company posted $0.38 EPS. As a group, equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.16 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Monday, June 3rd. Eastern Bankshares’s dividend payout ratio is currently 15.44%.

Eastern Bankshares Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eastern Bankshares (NASDAQ:EBC)

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