Analysts Set Eastern Bankshares, Inc. (NASDAQ:EBC) Price Target at $21.67

Eastern Bankshares, Inc. (NASDAQ:EBC) has received a consensus rating of “Hold” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $21.6667.

Several research analysts recently weighed in on EBC shares. Cowen started coverage on Eastern Bankshares in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Barclays started coverage on Eastern Bankshares in a research note on Wednesday. They set an “equal weight” rating and a $22.00 price target for the company. TD Cowen began coverage on Eastern Bankshares in a report on Thursday, September 25th. They issued a “buy” rating and a $23.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a report on Friday, December 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a research report on Monday.

Insider Activity at Eastern Bankshares

In related news, CFO R David Rosato purchased 10,000 shares of Eastern Bankshares stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average cost of $17.08 per share, with a total value of $170,800.00. Following the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at approximately $512,400. The trade was a 50.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph F. Casey sold 322,771 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 36,112 shares of the company’s stock, valued at $687,211.36. This trade represents a 89.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastern Bankshares

A number of institutional investors have recently made changes to their positions in EBC. Assetmark Inc. boosted its holdings in 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 purchasing an additional 1,947 shares during the period. Corsicana & Co. bought a new position in shares of Eastern Bankshares in the 3rd quarter worth about $36,000. Allworth Financial LP boosted its holdings in shares of Eastern Bankshares by 36.4% in the 3rd quarter. Allworth Financial LP now owns 2,189 shares of the company’s stock valued at $40,000 after buying an additional 584 shares during the period. CWM LLC boosted its holdings 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 buying an additional 1,360 shares during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Eastern Bankshares during the 3rd quarter valued at about $49,000. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Trading Down 1.1%

Shares of EBC stock opened at $18.79 on Wednesday. The firm’s 50-day simple moving average is $18.26 and its 200-day simple moving average is $16.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. Eastern Bankshares has a 1-year low of $13.51 and a 1-year high of $20.19. The firm has a market cap of $3.96 billion, a P/E ratio of 75.16 and a beta of 0.83.

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 net margin of 4.97% and a return on equity of 7.94%. As a group, equities analysts forecast that Eastern Bankshares will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Wednesday, December 3rd were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, December 3rd. Eastern Bankshares’s dividend payout ratio is 208.00%.

About Eastern Bankshares

Eastern Bankshares, Inc is the bank holding company for Eastern Bank, one of the oldest and largest mutual banks in the United States. Founded in 1818 as Salem Savings Bank and later rebranded as Eastern Bank in 1989, the company preserved its mutual ownership structure for more than two centuries. In March 2020, it completed an initial public offering and began trading on the Nasdaq under the ticker EBC, while continuing to emphasize its community-focused heritage.

Through its primary subsidiary, Eastern Bank, the company delivers a broad range of commercial and consumer banking products.