Bank of New York Mellon Corp Grows Holdings in Eastern Bankshares, Inc. $EBC

Bank of New York Mellon Corp boosted its position in Eastern Bankshares, Inc. (NASDAQ:EBC) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,249,630 shares of the company’s stock after buying an additional 6,085 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Eastern Bankshares worth $19,082,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Assetmark Inc. increased its position in shares of Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock worth $30,000 after acquiring an additional 1,947 shares during the last quarter. CWM LLC increased its holdings in Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock worth $44,000 after purchasing an additional 1,360 shares during the last quarter. Strs Ohio acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at approximately $130,000. Cetera Investment Advisers acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at approximately $169,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Eastern Bankshares during the 1st quarter valued at approximately $177,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Stock Up 1.1%

Shares of NASDAQ:EBC opened at $17.62 on Monday. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 70.48 and a beta of 0.95. Eastern Bankshares, Inc. has a 1-year low of $13.51 and a 1-year high of $19.40. The company’s fifty day moving average is $17.84 and its two-hundred day moving average is $16.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.89 and a current ratio of 0.89.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. The business had revenue of $162.26 million during the quarter. Eastern Bankshares had a net margin of 4.97% and a return on equity of 7.94%. Equities analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, December 3rd will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.0%. Eastern Bankshares’s dividend payout ratio (DPR) is 208.00%.

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller bought 13,706 shares of the business’s stock in a transaction on Wednesday, August 27th. The shares were bought at an average cost of $17.07 per share, for a total transaction of $233,961.42. Following the completion of the purchase, the president owned 13,706 shares of the company’s stock, valued at $233,961.42. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Francis Rivers purchased 50,000 shares of Eastern Bankshares stock in a transaction dated Tuesday, October 28th. The shares were purchased at an average cost of $17.21 per share, with a total value of $860,500.00. Following the acquisition, the insider owned 403,274 shares of the company’s stock, valued at approximately $6,940,345.54. This trade represents a 14.15% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 73,706 shares of company stock worth $1,265,261 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

EBC has been the subject of a number of research analyst reports. TD Cowen initiated coverage on shares of Eastern Bankshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target for the company. Weiss Ratings raised shares of Eastern Bankshares from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, November 10th. Finally, Cowen started coverage on shares of Eastern Bankshares in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

About Eastern Bankshares

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.