Boston Family Office LLC Invests $468,000 in Eastern Bankshares, Inc. (NASDAQ:EBC)

Boston Family Office LLC purchased a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 28,581 shares of the company’s stock, valued at approximately $468,000.

A number of other hedge funds also recently modified their holdings of EBC. Eastern Bank acquired a new position in shares of Eastern Bankshares during the third quarter worth $23,849,000. Dimensional Fund Advisors LP lifted its holdings in shares of Eastern Bankshares by 24.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after purchasing an additional 950,150 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Eastern Bankshares by 58.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,079,028 shares of the company’s stock worth $29,065,000 after purchasing an additional 764,881 shares during the period. Stieven Capital Advisors L.P. bought a new position in Eastern Bankshares during the second quarter worth $6,717,000. Finally, Jennison Associates LLC raised its stake in Eastern Bankshares by 13.4% during the third quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock worth $65,061,000 after buying an additional 467,663 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Stock Up 1.1 %

Shares of NASDAQ EBC opened at $19.03 on Tuesday. Eastern Bankshares, Inc. has a twelve month low of $11.86 and a twelve month high of $19.40. The firm has a fifty day simple moving average of $17.09 and a 200 day simple moving average of $15.62. The company has a market capitalization of $4.08 billion, a PE ratio of 8.20 and a beta of 0.89.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results 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). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. The company had revenue of $299.55 million during the quarter, compared to the consensus estimate of $215.92 million. During the same period last year, the firm posted $0.32 earnings per share. As a group, equities analysts expect that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be paid 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 yield of 2.52%. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s payout ratio is 18.97%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on EBC shares. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 target price (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total value of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.