Eastern Bankshares (NASDAQ:EBC) Given New $22.00 Price Target at Barclays

Eastern Bankshares (NASDAQ:EBC) had its price target lowered by Barclays from $23.00 to $22.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also weighed in on EBC. Hovde Group initiated coverage on shares of Eastern Bankshares in a report on Monday, January 5th. They set an “outperform” rating and a $22.50 price objective for the company. Stephens initiated coverage on shares of Eastern Bankshares in a report on Wednesday, April 15th. They set an “overweight” rating and a $24.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern Bankshares in a report on Friday, March 27th. TD Cowen raised their price objective on shares of Eastern Bankshares from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Piper Sandler initiated coverage on shares of Eastern Bankshares in a report on Monday, March 16th. They set an “overweight” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.70.

Eastern Bankshares Trading Up 0.3%

EBC opened at $19.97 on Monday. The stock has a market capitalization of $4.68 billion, a PE ratio of 11.22 and a beta of 0.76. The firm’s fifty day moving average price is $19.92 and its 200 day moving average price is $19.33. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.91 and a quick ratio of 0.91. Eastern Bankshares has a 12-month low of $14.10 and a 12-month high of $22.58.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $295.90 million for the quarter, compared to the consensus estimate of $308.68 million. Eastern Bankshares had a net margin of 26.28% and a return on equity of 8.60%. As a group, research analysts expect that Eastern Bankshares will post 1.92 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a $0.15 dividend. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. Eastern Bankshares’s dividend payout ratio is presently 29.21%.

Insiders Place Their Bets

In other Eastern Bankshares news, CAO David Andrew Ahlquist sold 10,000 shares of Eastern Bankshares stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $21.65, for a total value of $216,500.00. Following the completion of the transaction, the chief accounting officer owned 9,518 shares of the company’s stock, valued at $206,064.70. The trade was a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO R David Rosato acquired 5,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $19.17 per share, with a total value of $95,850.00. Following the acquisition, the chief financial officer owned 45,000 shares of the company’s stock, valued at $862,650. This trade represents a 12.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eastern Bankshares

A number of hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC bought a new stake in Eastern Bankshares in the first quarter valued at $287,000. Keybank National Association OH lifted its stake in Eastern Bankshares by 15.9% in the first quarter. Keybank National Association OH now owns 37,555 shares of the company’s stock valued at $735,000 after buying an additional 5,154 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Eastern Bankshares in the fourth quarter valued at $2,634,000. World Investment Advisors bought a new stake in Eastern Bankshares in the fourth quarter valued at $241,000. Finally, SHP Wealth Management bought a new stake in Eastern Bankshares in the fourth quarter valued at $52,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

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.