Eastern Bankshares, Inc.’s Lock-Up Period To Expire on April 13th (NASDAQ:EBC)


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Eastern Bankshares’ (NASDAQ:EBC) lock-up period will expire on Tuesday, April 13th. Eastern Bankshares had issued 179,300,000 shares in its initial public offering on October 15th. The total size of the offering was $1,793,000,000 based on an initial share price of $10.00. After the end of Eastern Bankshares’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Several research analysts recently commented on EBC shares. Seaport Global Securities started coverage on Eastern Bankshares in a research note on Thursday, February 25th. They issued a “buy” rating and a $19.00 price objective for the company. Zacks Investment Research lowered shares of Eastern Bankshares from a “buy” rating to a “hold” rating in a report on Wednesday, February 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Eastern Bankshares currently has a consensus rating of “Buy” and a consensus target price of $16.20.

Shares of Eastern Bankshares stock opened at $19.20 on Thursday. The business’s 50 day moving average price is $18.53 and its 200 day moving average price is $16.41. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a one year low of $11.74 and a one year high of $20.15.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, January 28th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $153.25 million during the quarter, compared to analyst estimates of $145.17 million. Analysts forecast that Eastern Bankshares will post 0.47 earnings per share for the current year.

The company also recently announced a — dividend, which was paid on Monday, March 15th. Shareholders of record on Wednesday, March 3rd were issued a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, March 2nd.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new position in shares of Eastern Bankshares during the 4th quarter worth $261,000. JPMorgan Chase & Co. purchased a new position in Eastern Bankshares during the fourth quarter worth about $6,751,000. Verition Fund Management LLC acquired a new stake in shares of Eastern Bankshares during the fourth quarter valued at about $443,000. Truist Financial Corp acquired a new stake in shares of Eastern Bankshares during the fourth quarter valued at about $221,000. Finally, Jane Street Group LLC purchased a new stake in shares of Eastern Bankshares in the 4th quarter valued at approximately $474,000.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc provides commercial banking products and services primarily to retail, commercial, and small business customers. The company offers interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and certificates of deposits. It also offers commercial and industrial loans, commercial real estate and construction loans, business banking loans, residential real estate loans, and home equity and other consumer loans.

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