Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Panagora Asset Management Inc.

Posted by Defense World Staff on Jun 10th, 2023

Panagora Asset Management Inc. decreased its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC – Get Rating) by 48.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 244,124 shares of the company’s stock after selling 234,020 shares during the quarter. Panagora Asset Management Inc. owned about 0.14% of Eastern Bankshares worth $4,211,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of EBC. Armstrong Advisory Group Inc. acquired a new stake in Eastern Bankshares in the fourth quarter worth about $50,000. Point72 Hong Kong Ltd acquired a new stake in Eastern Bankshares in the second quarter worth about $56,000. Guardian Wealth Management Inc. lifted its holdings in Eastern Bankshares by 45.8% in the first quarter. Guardian Wealth Management Inc. now owns 5,536 shares of the company’s stock worth $119,000 after purchasing an additional 1,739 shares during the period. Baldwin Brothers LLC MA lifted its holdings in Eastern Bankshares by 112.5% in the fourth quarter. Baldwin Brothers LLC MA now owns 8,500 shares of the company’s stock worth $147,000 after purchasing an additional 4,500 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in Eastern Bankshares in the first quarter worth about $211,000. Institutional investors and hedge funds own 54.88% of the company’s stock.

Eastern Bankshares Price Performance

Shares of NASDAQ EBC opened at $12.79 on Friday. Eastern Bankshares, Inc. has a twelve month low of $9.93 and a twelve month high of $21.54. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -42.63 and a beta of 0.66. The firm has a 50-day moving average of $11.69 and a two-hundred day moving average of $14.70.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.13%. Eastern Bankshares’s payout ratio is presently -133.33%.

Analyst Upgrades and Downgrades

EBC has been the subject of a number of research analyst reports. TheStreet downgraded shares of Eastern Bankshares from a “c-” rating to a “d+” rating in a report on Tuesday, March 28th. JPMorgan Chase & Co. cut their price target on shares of Eastern Bankshares from $15.00 to $12.50 in a report on Thursday, April 6th.

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.