Creative Planning raised its stake in Eastern Bankshares, Inc. (NASDAQ:EBC – Free Report) by 79.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,182 shares of the company’s stock after purchasing an additional 48,367 shares during the period. Creative Planning owned 0.06% of Eastern Bankshares worth $1,340,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Eastern Bankshares by 2.9% in the 1st quarter. Bank of New York Mellon Corp now owns 988,788 shares of the company’s stock valued at $21,300,000 after acquiring an additional 28,308 shares during the period. American Century Companies Inc. increased its holdings in shares of Eastern Bankshares by 11.6% in the 1st quarter. American Century Companies Inc. now owns 34,256 shares of the company’s stock valued at $738,000 after acquiring an additional 3,557 shares during the period. HighTower Advisors LLC increased its holdings in shares of Eastern Bankshares by 5.0% in the 1st quarter. HighTower Advisors LLC now owns 19,528 shares of the company’s stock valued at $421,000 after acquiring an additional 927 shares during the period. MetLife Investment Management LLC increased its holdings in shares of Eastern Bankshares by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 95,193 shares of the company’s stock valued at $2,050,000 after acquiring an additional 34,560 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Eastern Bankshares by 130.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 320,133 shares of the company’s stock valued at $6,896,000 after acquiring an additional 181,044 shares during the period. 58.03% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on EBC. Seaport Res Ptn reaffirmed a “buy” rating on shares of Eastern Bankshares in a report on Tuesday, September 12th. JPMorgan Chase & Co. lifted their target price on shares of Eastern Bankshares from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, August 2nd. Finally, Piper Sandler lifted their price objective on shares of Eastern Bankshares from $15.00 to $16.50 in a research report on Wednesday, September 20th.
Eastern Bankshares Stock Performance
NASDAQ:EBC opened at $11.76 on Friday. The firm’s fifty day moving average price is $13.18 and its 200 day moving average price is $12.60. Eastern Bankshares, Inc. has a 1-year low of $9.93 and a 1-year high of $21.54. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of -37.93 and a beta of 0.78.
Eastern Bankshares (NASDAQ:EBC – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The company had revenue of $195.42 million for the quarter, compared to analysts’ expectations of $181.17 million. On average, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.16 EPS for the current year.
Eastern Bankshares Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.10 per share. The ex-dividend date was Thursday, August 31st. This represents a $0.40 annualized dividend and a dividend yield of 3.40%. Eastern Bankshares’s payout ratio is currently -129.03%.
Eastern Bankshares Company Profile
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 deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.
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