Tidal Investments LLC Purchases Shares of 46,412 Eastern Bankshares, Inc. (NASDAQ:EBC)

Tidal Investments LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the 3rd quarter, HoldingsChannel reports. The fund acquired 46,412 shares of the company’s stock, valued at approximately $761,000.

Several other large investors also recently modified their holdings of EBC. Swiss National Bank boosted its stake in Eastern Bankshares by 21.0% during the third quarter. Swiss National Bank now owns 378,564 shares of the company’s stock worth $6,205,000 after acquiring an additional 65,764 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Eastern Bankshares during the third quarter valued at about $1,943,000. Jennison Associates LLC boosted its position in shares of Eastern Bankshares by 13.4% during the 3rd quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock worth $65,061,000 after purchasing an additional 467,663 shares in the last quarter. State Street Corp grew its stake in shares of Eastern Bankshares by 20.3% in the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after buying an additional 1,170,276 shares during the period. Finally, Impax Asset Management Group plc grew its stake in shares of Eastern Bankshares by 8.7% in the 3rd quarter. Impax Asset Management Group plc now owns 815,540 shares of the company’s stock valued at $13,367,000 after buying an additional 65,540 shares during the period. Institutional investors and hedge funds own 71.68% of the company’s stock.

Insider Activity

In related news, Director Deborah C. Jackson sold 5,713 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the transaction, the director now directly owns 67,284 shares of the company’s stock, valued at $1,248,791.04. This trade represents a 7.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.15% of the company’s stock.

Eastern Bankshares Stock Up 2.8 %

Shares of EBC opened at $17.26 on Friday. The business’s fifty day moving average is $17.74 and its 200 day moving average is $16.16. Eastern Bankshares, Inc. has a 12-month low of $12.22 and a 12-month high of $19.40. The stock has a market cap of $3.71 billion, a P/E ratio of 7.44 and a beta of 0.92.

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

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd were paid a $0.12 dividend. The ex-dividend date was Tuesday, December 3rd. This is an increase from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 2.78%. Eastern Bankshares’s dividend payout ratio is 20.69%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price target on Eastern Bankshares from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

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.