Eastern Bankshares (NASDAQ:EBC) Price Target Lowered to $22.00 at TD Cowen

Eastern Bankshares (NASDAQ:EBC) had its price target reduced by TD Cowen from $23.00 to $22.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently weighed in on EBC. Stephens initiated coverage on Eastern Bankshares in a research note on Wednesday, April 15th. They set an “overweight” rating and a $24.00 target price on the stock. Barclays lowered their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday. Hovde Group initiated coverage on Eastern Bankshares in a research note on Monday, January 5th. They set an “outperform” rating and a $22.50 target price on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern Bankshares in a research note on Friday, March 27th. Finally, Zacks Research raised Eastern Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Eastern Bankshares presently has an average rating of “Moderate Buy” and a consensus price target of $22.70.

Eastern Bankshares Trading Up 0.3%

NASDAQ:EBC opened at $19.97 on Monday. 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 fifty-two week low of $14.10 and a fifty-two week high of $22.58. The stock’s 50-day moving average is $19.92 and its two-hundred day moving average is $19.33. The stock has a market cap of $4.68 billion, a PE ratio of 11.22 and a beta of 0.76.

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

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.13. Eastern Bankshares’s dividend payout ratio (DPR) is presently 29.21%.

Insider Activity at Eastern Bankshares

In related news, insider Donald Michael Westermann sold 21,256 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $20.11, for a total value of $427,458.16. Following the completion of the sale, the insider owned 20,860 shares of the company’s stock, valued at approximately $419,494.60. The trade was a 50.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO R David Rosato purchased 5,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was purchased at an average cost of $19.17 per share, with a total value of $95,850.00. Following the purchase, the chief financial officer owned 45,000 shares in the company, valued at $862,650. This represents a 12.50% increase in their position. The SEC filing for this purchase provides additional information. 1.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eastern Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC acquired a new stake in Eastern Bankshares in the 1st quarter worth approximately $287,000. Keybank National Association OH lifted its holdings in Eastern Bankshares by 15.9% in the 1st quarter. Keybank National Association OH now owns 37,555 shares of the company’s stock worth $735,000 after purchasing an additional 5,154 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in Eastern Bankshares in the 4th quarter worth approximately $2,634,000. World Investment Advisors acquired a new stake in Eastern Bankshares in the 4th quarter worth approximately $241,000. Finally, SHP Wealth Management acquired a new stake in Eastern Bankshares in the 4th quarter worth approximately $52,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Eastern Bankshares Company Profile

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.