The Manufacturers Life Insurance Company Increases Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

The Manufacturers Life Insurance Company boosted its stake in Eastern Bankshares, Inc. (NASDAQ:EBCFree Report) by 1,965.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,622,734 shares of the company’s stock after acquiring an additional 1,544,181 shares during the period. The Manufacturers Life Insurance Company owned 0.92% of Eastern Bankshares worth $23,043,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tortoise Investment Management LLC purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at approximately $134,000. Mackenzie Financial Corp purchased a new position in Eastern Bankshares during the fourth quarter valued at $164,000. Jump Financial LLC purchased a new position in Eastern Bankshares during the third quarter valued at $220,000. AlphaMark Advisors LLC bought a new stake in shares of Eastern Bankshares during the 4th quarter valued at $282,000. Finally, Principal Financial Group Inc. grew its position in shares of Eastern Bankshares by 39.2% in the 3rd quarter. Principal Financial Group Inc. now owns 22,928 shares of the company’s stock worth $288,000 after buying an additional 6,460 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Stock Down 1.6 %

Shares of Eastern Bankshares stock opened at $13.06 on Friday. Eastern Bankshares, Inc. has a 1 year low of $10.65 and a 1 year high of $15.07. 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 50-day moving average of $13.31 and a 200 day moving average of $13.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.83 and a quick ratio of 0.83.

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

Eastern Bankshares Dividend Announcement

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

Insider Activity

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares stock in a transaction on Monday, March 18th. The stock was sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the sale, the director now owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.15% of the company’s stock.

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.

Further Reading

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

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