Aigen Investment Management LP Buys New Shares in Eastern Bankshares, Inc. (NASDAQ:EBC)

Aigen Investment Management LP purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,949 shares of the company’s stock, valued at approximately $179,000.

A number of other large investors also recently modified their holdings of EBC. Signaturefd LLC increased its position in shares of Eastern Bankshares by 18.3% in the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after acquiring an additional 802 shares during the last quarter. Arizona State Retirement System increased its position in shares of Eastern Bankshares by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 44,452 shares of the company’s stock worth $621,000 after purchasing an additional 814 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in shares of Eastern Bankshares by 5.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 20,486 shares of the company’s stock worth $336,000 after purchasing an additional 1,075 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Eastern Bankshares by 21.1% in the 3rd quarter. Amalgamated Bank now owns 6,595 shares of the company’s stock valued at $108,000 after buying an additional 1,150 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of Eastern Bankshares in the third quarter valued at $25,000. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $19.00 price target (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their target price for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Trading Down 0.6 %

EBC opened at $18.45 on Friday. The stock’s fifty day simple moving average is $16.79 and its 200 day simple moving average is $15.39. Eastern Bankshares, Inc. has a 1-year low of $11.86 and a 1-year high of $19.15. The stock has a market cap of $3.96 billion, a PE ratio of 7.95 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.08). The company had revenue of $299.55 million during the quarter, compared to analyst estimates of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Equities analysts forecast that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be issued a $0.12 dividend. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio is currently 20.69%.

About Eastern Bankshares

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. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.