Intech Investment Management LLC Takes $522,000 Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Intech Investment Management LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 31,855 shares of the company’s stock, valued at approximately $522,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Eastern Bankshares during the third quarter worth approximately $25,000. PFS Partners LLC purchased a new position in Eastern Bankshares during the 3rd quarter worth $32,000. Sachetta LLC acquired a new stake in shares of Eastern Bankshares during the second quarter worth $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock worth $72,000 after acquiring an additional 3,988 shares during the period. Finally, Signaturefd LLC boosted its stake in shares of Eastern Bankshares by 18.3% during the 3rd quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock worth $85,000 after acquiring an additional 802 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

Shares of EBC stock opened at $18.64 on Monday. The firm has a market cap of $4.00 billion, a P/E ratio of 8.03 and a beta of 0.89. Eastern Bankshares, Inc. has a 1-year low of $11.86 and a 1-year high of $19.40. The firm has a fifty day moving average of $17.24 and a two-hundred day moving average of $15.76.

Eastern Bankshares (NASDAQ:EBC) last released its earnings results 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 for 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 period in the previous year, the business posted $0.32 EPS. On average, sell-side analysts expect that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 3rd will be paid a $0.12 dividend. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio is currently 20.69%.

Insider Buying and Selling at Eastern Bankshares

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

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

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