Brandywine Global Investment Management LLC Has $3.06 Million Stock Position in Eastern Bankshares, Inc. $EBC

Brandywine Global Investment Management LLC reduced its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 3.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 200,591 shares of the company’s stock after selling 7,800 shares during the period. Brandywine Global Investment Management LLC owned 0.09% of Eastern Bankshares worth $3,063,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company’s stock valued at $30,000 after acquiring an additional 1,947 shares during the period. CWM LLC lifted its position in shares of 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 bought a new stake in Eastern Bankshares during the 1st quarter valued at approximately $130,000. RFG Bristol Wealth Advisors LLC acquired a new stake in Eastern Bankshares in the 2nd quarter valued at approximately $153,000. Finally, Cetera Investment Advisers bought a new position in Eastern Bankshares in the 1st quarter worth approximately $169,000. Institutional investors own 71.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EBC. TD Cowen started coverage on Eastern Bankshares in a research report on Thursday, September 25th. They issued a “buy” rating and a $23.00 price objective for the company. Cowen initiated coverage on shares of Eastern Bankshares in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday, November 17th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Insider Activity

In other news, CFO R David Rosato bought 10,000 shares of the stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average price of $17.08 per share, with a total value of $170,800.00. Following the acquisition, the chief financial officer owned 30,000 shares in the company, valued at $512,400. This trade represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Francis Rivers purchased 50,000 shares of the business’s stock in a transaction that occurred on 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 completion of the acquisition, the insider directly owned 403,274 shares in the company, valued at $6,940,345.54. The trade was a 14.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 73,706 shares of company stock worth $1,265,261. Corporate insiders own 1.10% of the company’s stock.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $18.31 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $17.89 and a 200 day moving average price of $16.48. The firm has a market capitalization of $3.86 billion, a PE ratio of 73.24 and a beta of 0.95. Eastern Bankshares, Inc. has a 12-month low of $13.51 and a 12-month high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. The business had revenue of $162.26 million during the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%. Research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 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 Monday, December 15th. Stockholders of record on Wednesday, December 3rd will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, December 3rd. Eastern Bankshares’s payout ratio is currently 208.00%.

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.