Charles Schwab Investment Management Inc. Has $32.03 Million Stock Holdings in Eastern Bankshares, Inc. $EBC

Charles Schwab Investment Management Inc. lowered its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 3.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,952,732 shares of the company’s stock after selling 68,102 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.91% of Eastern Bankshares worth $32,025,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company’s stock worth $30,000 after purchasing an additional 870 shares in the last quarter. Sterling Capital Management LLC lifted its position in Eastern Bankshares by 836.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company’s stock worth $107,000 after purchasing an additional 5,555 shares during the period. Barrett & Company Inc. acquired a new stake in Eastern Bankshares during the first quarter worth about $134,000. Cetera Investment Advisers bought a new position in Eastern Bankshares in the 1st quarter valued at about $169,000. Finally, Net Worth Advisory Group acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at approximately $174,000. Institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reduced their price target on shares of Eastern Bankshares from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $20.00.

Eastern Bankshares Stock Performance

Shares of Eastern Bankshares stock opened at $15.91 on Wednesday. The business’s fifty day simple moving average is $15.51 and its 200 day simple moving average is $15.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 12 month low of $13.51 and a 12 month high of $19.40. The firm has a market capitalization of $3.36 billion, a P/E ratio of -51.32 and a beta of 0.94.

Eastern Bankshares (NASDAQ:EBC) last announced its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The firm had revenue of $249.10 million during the quarter, compared to analyst estimates of $241.32 million. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Eastern Bankshares’s payout ratio is -167.74%.

Eastern Bankshares 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. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.