Granite Investment Partners LLC Sells 42,422 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Granite Investment Partners LLC reduced its position in Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) by 4.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 940,044 shares of the company’s stock after selling 42,422 shares during the period. Granite Investment Partners LLC owned 0.53% of Eastern Bankshares worth $16,216,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of EBC. Vanguard Group Inc. raised its position in shares of Eastern Bankshares by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 15,773,984 shares of the company’s stock valued at $339,771,000 after purchasing an additional 157,920 shares during the last quarter. State Street Corp raised its position in shares of Eastern Bankshares by 12.5% in the 1st quarter. State Street Corp now owns 6,001,306 shares of the company’s stock valued at $129,268,000 after purchasing an additional 667,610 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Eastern Bankshares by 4.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,951,326 shares of the company’s stock valued at $63,571,000 after purchasing an additional 120,823 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Eastern Bankshares in the 1st quarter valued at approximately $62,383,000. Finally, Jennison Associates LLC raised its position in Eastern Bankshares by 1.9% during the 4th quarter. Jennison Associates LLC now owns 2,753,965 shares of the company’s stock worth $47,506,000 after buying an additional 52,201 shares during the last quarter. 54.88% of the stock is currently owned by institutional investors.

Eastern Bankshares Price Performance

Eastern Bankshares stock traded down $0.14 during trading on Friday, reaching $11.18. The company had a trading volume of 195,876 shares, compared to its average volume of 1,101,335. The firm’s 50-day simple moving average is $11.76 and its 200 day simple moving average is $15.24. Eastern Bankshares, Inc. has a 1-year low of $9.93 and a 1-year high of $21.54. The firm has a market capitalization of $1.97 billion, a PE ratio of -37.73 and a beta of 0.66. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.84 and a current ratio of 0.84.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.58%. Eastern Bankshares’s dividend payout ratio is currently -133.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on EBC shares. TheStreet lowered shares of Eastern Bankshares from a “c-” rating to a “d+” rating in a research report on Tuesday, March 28th. JPMorgan Chase & Co. reduced their price target on shares of Eastern Bankshares from $15.00 to $12.50 in a research report on Thursday, April 6th. Finally, Janney Montgomery Scott lowered shares of Eastern Bankshares from a “buy” rating to a “neutral” rating and set a $17.00 target price for the company. in a report on Monday, January 30th.

About Eastern Bankshares

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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.