Capital Fund Management S.A. Acquires New Shares in Eastern Bankshares, Inc. $EBC

Capital Fund Management S.A. bought a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 121,125 shares of the company’s stock, valued at approximately $1,850,000. Capital Fund Management S.A. owned approximately 0.06% of Eastern Bankshares at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Assetmark Inc. increased its holdings in shares of Eastern Bankshares by 8,112.5% in 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 in the last quarter. CWM LLC grew its position in shares of Eastern Bankshares by 90.5% in the 2nd quarter. CWM LLC now owns 2,862 shares of the company’s stock valued at $44,000 after purchasing an additional 1,360 shares during the period. Strs Ohio bought a new stake in Eastern Bankshares during the 1st quarter worth approximately $130,000. RFG Bristol Wealth Advisors LLC acquired a new stake in Eastern Bankshares during the 2nd quarter worth approximately $153,000. Finally, Cetera Investment Advisers acquired a new stake in Eastern Bankshares during the 1st quarter worth approximately $169,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eastern Bankshares

In related news, Director Joseph F. Casey sold 322,771 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $19.03, for a total transaction of $6,142,332.13. Following the transaction, the director directly owned 36,112 shares in the company, valued at approximately $687,211.36. The trade was a 89.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Francis Rivers purchased 50,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were purchased at an average cost of $17.21 per share, for a total transaction of $860,500.00. Following the completion of the transaction, the insider directly owned 403,274 shares of the company’s stock, valued at approximately $6,940,345.54. This represents a 14.15% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.10% of the stock is owned by company insiders.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $18.82 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average of $18.03 and a 200-day moving average of $16.64. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 75.28 and a beta of 0.83. Eastern Bankshares, Inc. has a fifty-two week low of $13.51 and a fifty-two week high of $19.31.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.32 EPS for the quarter. The firm 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%. As a group, sell-side analysts predict that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, December 3rd will be paid 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 2.8%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 208.00%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on EBC shares. Cowen initiated coverage on shares of Eastern Bankshares in a research report on Wednesday, September 24th. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research note on Monday. Finally, TD Cowen initiated coverage on Eastern Bankshares in a research note on Thursday, September 25th. They issued a “buy” rating and a $23.00 price target on the stock. 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, Eastern Bankshares 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.