Eastern Bankshares (NASDAQ:EBC) Now Covered by Analysts at TD Cowen

TD Cowen initiated coverage on shares of Eastern Bankshares (NASDAQ:EBC) in a research report report published on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $23.00 price objective on the stock.

Eastern Bankshares Price Performance

Shares of EBC stock opened at $18.20 on Thursday. The company has a market capitalization of $3.85 billion, a PE ratio of -58.71 and a beta of 0.95. The firm has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $15.75. 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 has a twelve month low of $13.51 and a twelve month high of $19.40.

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

Eastern Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, September 3rd were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Wednesday, September 3rd. Eastern Bankshares’s dividend payout ratio is -167.74%.

Insider Buying and Selling

In related news, President Quincy Lee Miller acquired 13,706 shares of Eastern Bankshares stock in a transaction on Wednesday, August 27th. The shares were purchased at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the purchase, the president directly owned 13,706 shares of the company’s stock, valued at $233,961.42. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EBC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Eastern Bankshares by 27.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 402,624 shares of the company’s stock valued at $6,945,000 after acquiring an additional 86,041 shares during the last quarter. GTS Securities LLC bought a new position in Eastern Bankshares during the 4th quarter valued at $206,000. GAMMA Investing LLC boosted its stake in Eastern Bankshares by 3,049.8% during the 1st quarter. GAMMA Investing LLC now owns 29,766 shares of the company’s stock valued at $488,000 after acquiring an additional 28,821 shares during the last quarter. Vest Financial LLC raised its holdings in shares of Eastern Bankshares by 6.3% during the first quarter. Vest Financial LLC now owns 151,021 shares of the company’s stock worth $2,477,000 after purchasing an additional 8,926 shares during the period. Finally, Single Point Partners LLC raised its holdings in shares of Eastern Bankshares by 19.6% during the first quarter. Single Point Partners LLC now owns 13,810 shares of the company’s stock worth $226,000 after purchasing an additional 2,265 shares during the period. 71.68% of the stock is currently owned by institutional investors.

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