Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 559.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 327,414 shares of the company’s stock after acquiring an additional 277,767 shares during the period. Edgestream Partners L.P.’s holdings in Eastern Bankshares were worth $5,366,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Eastern Bankshares during the third quarter worth about $25,000. PFS Partners LLC purchased a new stake in Eastern Bankshares in the 3rd quarter valued at approximately $32,000. RPg Family Wealth Advisory LLC purchased a new stake in Eastern Bankshares in the 3rd quarter valued at approximately $41,000. Sachetta LLC purchased a new stake in Eastern Bankshares in the 2nd quarter valued at approximately $35,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in Eastern Bankshares by 1,155.9% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after purchasing an additional 3,988 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Eastern Bankshares Trading Down 0.2 %

Shares of EBC opened at $18.64 on Friday. The stock’s 50 day moving average is $17.24 and its two-hundred day moving average is $15.75. The firm has a market capitalization of $4.00 billion, a PE ratio of 8.03 and a beta of 0.89. Eastern Bankshares, Inc. has a twelve month low of $11.86 and a twelve month high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly 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 firm had revenue of $299.55 million for the quarter, compared to analysts’ expectations of $215.92 million. Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. During the same period last year, the firm earned $0.32 EPS. On average, sell-side analysts predict that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.12 per share. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.58%. Eastern Bankshares’s payout ratio is 18.97%.

Insider Transactions at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total transaction of $211,182.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $14.00 to $18.50 in a report 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.