RFG Bristol Wealth Advisors LLC Invests $178,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

RFG Bristol Wealth Advisors LLC purchased a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,321 shares of the company’s stock, valued at approximately $178,000.

A number of other hedge funds have also recently bought and sold shares of EBC. Norges Bank purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at approximately $37,196,000. JPMorgan Chase & Co. increased its stake in shares of Eastern Bankshares by 14.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,815,393 shares of the company’s stock worth $31,316,000 after buying an additional 223,681 shares during the last quarter. Congress Wealth Management LLC DE raised its holdings in Eastern Bankshares by 293.0% in the fourth quarter. Congress Wealth Management LLC DE now owns 196,500 shares of the company’s stock valued at $3,390,000 after acquiring an additional 146,500 shares in the last quarter. Vanguard Group Inc. boosted its stake in Eastern Bankshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 20,122,356 shares of the company’s stock valued at $347,111,000 after acquiring an additional 90,293 shares during the last quarter. Finally, LPL Financial LLC grew its holdings in Eastern Bankshares by 24.5% during the 4th quarter. LPL Financial LLC now owns 38,208 shares of the company’s stock worth $659,000 after acquiring an additional 7,517 shares in the last quarter. Institutional investors and hedge funds 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 previously from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Eastern Bankshares Stock Up 0.5 %

NASDAQ:EBC opened at $16.50 on Thursday. The company has a market cap of $3.51 billion, a PE ratio of 24.63 and a beta of 0.95. The business’s 50 day moving average is $17.45 and its two-hundred day moving average is $17.37. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. As a group, sell-side analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 71.64%.

Insider Activity at Eastern Bankshares

In related news, CFO R David Rosato purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $15.40 per share, with a total value of $154,000.00. Following the acquisition, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.15% of the company’s stock.

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.