Intech Investment Management LLC Boosts Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Intech Investment Management LLC boosted its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 152.1% during the 4th quarter, Holdings Channel reports. The firm owned 80,311 shares of the company’s stock after acquiring an additional 48,456 shares during the period. Intech Investment Management LLC’s holdings in Eastern Bankshares were worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Atria Investments Inc raised its stake in shares of Eastern Bankshares by 20.3% in the third quarter. Atria Investments Inc now owns 21,499 shares of the company’s stock valued at $352,000 after buying an additional 3,634 shares during the period. Victory Capital Management Inc. raised its stake in shares of Eastern Bankshares by 283.2% in the third quarter. Victory Capital Management Inc. now owns 117,474 shares of the company’s stock valued at $1,925,000 after buying an additional 86,819 shares during the period. Swiss National Bank raised its stake in shares of Eastern Bankshares by 21.0% in the third quarter. Swiss National Bank now owns 378,564 shares of the company’s stock valued at $6,205,000 after buying an additional 65,764 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Eastern Bankshares by 12.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,339,389 shares of the company’s stock valued at $38,343,000 after buying an additional 260,361 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Eastern Bankshares by 19.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,000,042 shares of the company’s stock valued at $32,781,000 after buying an additional 329,133 shares during the period. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $22.00 target price (up from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Eastern Bankshares Stock Performance

NASDAQ:EBC opened at $16.59 on Friday. Eastern Bankshares, Inc. has a 52-week low of $12.22 and a 52-week high of $19.40. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 24.76 and a beta of 0.95. The business’s fifty day moving average is $17.58 and its 200 day moving average is $17.34.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. Equities analysts predict that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were paid a dividend of $0.12 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.89%. Eastern Bankshares’s payout ratio is 71.64%.

Insiders Place Their Bets

In other Eastern Bankshares news, CFO R David Rosato bought 10,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were acquired at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the purchase, the chief financial officer now directly owns 20,000 shares of the company’s stock, valued at $308,000. The trade was a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.15% of the company’s stock.

Eastern Bankshares 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.