Deborah C. Jackson Sells 5,713 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC) Stock

Eastern Bankshares, Inc. (NASDAQ:EBC) Director Deborah C. Jackson sold 5,713 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $18.56, for a total value of $106,033.28. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Eastern Bankshares Stock Down 0.6 %

Shares of EBC opened at $18.08 on Friday. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 7.79 and a beta of 0.92. Eastern Bankshares, Inc. has a 52-week low of $12.22 and a 52-week high of $19.40. The stock has a 50 day moving average price of $17.36 and a 200 day moving average price of $15.83.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). The firm 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 period in the previous year, the company posted $0.32 earnings per share. On average, equities analysts anticipate that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be issued 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 dividend yield of 2.65%. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio is presently 20.69%.

Institutional Investors Weigh In On Eastern Bankshares

Several large investors have recently modified their holdings of EBC. V Square Quantitative Management LLC acquired a new stake in shares of Eastern Bankshares in the third quarter valued at approximately $25,000. Nomura Asset Management Co. Ltd. raised its stake in shares of Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock worth $30,000 after purchasing an additional 1,010 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Eastern Bankshares during the third quarter worth approximately $32,000. Sachetta LLC purchased a new stake in shares of Eastern Bankshares during the second quarter worth approximately $35,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of Eastern Bankshares during the third quarter worth approximately $41,000. 71.68% of the stock is owned by institutional investors and hedge funds.

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 company an “outperform” rating in a report on Wednesday.

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.