Luis Borgen Sells 28,730 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBCGet Rating) Director Luis Borgen sold 28,730 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $20.28, for a total transaction of $582,644.40. Following the sale, the director now directly owns 89,965 shares of the company’s stock, valued at approximately $1,824,490.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Eastern Bankshares Price Performance

EBC opened at $20.37 on Friday. Eastern Bankshares, Inc. has a one year low of $17.98 and a one year high of $22.35. The company’s 50 day simple moving average is $19.18 and its 200-day simple moving average is $20.11. The stock has a market capitalization of $3.75 billion, a P/E ratio of 19.78 and a beta of 0.97.

Eastern Bankshares (NASDAQ:EBCGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Eastern Bankshares had a net margin of 25.67% and a return on equity of 5.79%. During the same quarter in the previous year, the business earned $0.22 EPS. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.33 EPS for the current year.

Eastern Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.96%. Eastern Bankshares’s dividend payout ratio is 38.84%.

Wall Street Analyst Weigh In

Several research firms have recently commented on EBC. JPMorgan Chase & Co. decreased their price target on shares of Eastern Bankshares from $23.50 to $22.50 and set a “neutral” rating on the stock in a research note on Friday, July 1st. Piper Sandler decreased their price target on shares of Eastern Bankshares to $23.00 and set a “na” rating on the stock in a research note on Monday, May 16th.

Hedge Funds Weigh In On Eastern Bankshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Eastern Bankshares by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 15,773,984 shares of the company’s stock worth $339,771,000 after buying an additional 157,920 shares in the last quarter. State Street Corp lifted its position in Eastern Bankshares by 12.5% during the 1st quarter. State Street Corp now owns 6,001,306 shares of the company’s stock worth $129,268,000 after buying an additional 667,610 shares in the last quarter. Geode Capital Management LLC lifted its position in Eastern Bankshares by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,336,362 shares of the company’s stock worth $67,294,000 after buying an additional 190,581 shares in the last quarter. Brown Advisory Inc. lifted its position in Eastern Bankshares by 6.4% during the 1st quarter. Brown Advisory Inc. now owns 3,242,453 shares of the company’s stock worth $69,716,000 after buying an additional 193,656 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Eastern Bankshares by 4.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,951,326 shares of the company’s stock worth $63,571,000 after buying an additional 120,823 shares in the last quarter. 58.98% of the stock is owned by institutional investors.

About Eastern Bankshares

(Get Rating)

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. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards.

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