Eastern Bankshares (NASDAQ:EBC) Given New $25.00 Price Target at DA Davidson

Eastern Bankshares (NASDAQ:EBC) had its price target upped by DA Davidson from $24.00 to $25.00 in a report released on Monday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of Eastern Bankshares in a research note on Monday. TD Cowen boosted their target price on shares of Eastern Bankshares from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Monday. Stephens started coverage on Eastern Bankshares in a report on Wednesday, April 15th. They issued an “overweight” rating and a $24.00 target price for the company. Barclays decreased their target price on Eastern Bankshares from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a report on Monday, June 8th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.86.

Eastern Bankshares Stock Performance

Shares of EBC opened at $23.10 on Monday. Eastern Bankshares has a one year low of $14.88 and a one year high of $23.53. The company has a 50-day moving average of $21.26 and a two-hundred day moving average of $20.49. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 13.13 and a beta of 0.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.88 and a quick ratio of 0.88.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results on Thursday, July 23rd. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Eastern Bankshares had a net margin of 25.12% and a return on equity of 8.71%. The business had revenue of $316.00 million for the quarter, compared to the consensus estimate of $308.20 million. On average, equities research analysts expect that Eastern Bankshares will post 1.87 earnings per share for the current year.

Eastern Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 8th. Eastern Bankshares’s dividend payout ratio (DPR) is currently 34.09%.

Insider Activity at Eastern Bankshares

In related news, Director Luis Borgen sold 1,710 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.71, for a total transaction of $38,834.10. Following the transaction, the director directly owned 20,475 shares of the company’s stock, valued at approximately $464,987.25. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Eastern Bankshares by 38.0% in the 1st quarter. Royal Bank of Canada now owns 198,421 shares of the company’s stock worth $3,254,000 after buying an additional 54,664 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of Eastern Bankshares during the 1st quarter valued at $954,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Eastern Bankshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 114,881 shares of the company’s stock valued at $1,884,000 after acquiring an additional 5,028 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Eastern Bankshares by 7.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 432,405 shares of the company’s stock worth $7,091,000 after acquiring an additional 29,781 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Eastern Bankshares by 789.9% in the first quarter. Jane Street Group LLC now owns 545,589 shares of the company’s stock worth $8,948,000 after acquiring an additional 484,277 shares during the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

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.