Zacks Investment Research upgraded shares of Eastern Bankshares (NASDAQ:EBC) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has $22.00 price target on the stock.
According to Zacks, “Eastern Bankshares Inc. provides commercial banking products and services primarily to retail, commercial and small business customers. It provides banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance offices. Eastern Bankshares Inc. is based in Boston, Massachusetts. “
Separately, 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Eastern Bankshares presently has an average rating of Buy and an average target price of $17.00.
Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, January 28th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. The company had revenue of $153.25 million during the quarter, compared to the consensus estimate of $145.17 million. Research analysts anticipate that Eastern Bankshares will post 0.47 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Thursday, June 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Wednesday, June 2nd.
Several hedge funds have recently modified their holdings of EBC. First Pacific Advisors LP purchased a new position in Eastern Bankshares during the 4th quarter worth $6,505,000. Rhumbline Advisers purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at $4,134,000. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at $3,720,000. Amalgamated Bank purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at $267,000. Finally, Sei Investments Co. purchased a new position in shares of Eastern Bankshares in the 4th quarter valued at $1,161,000.
About Eastern Bankshares
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.
Further Reading: What are some reasons analysts would give stocks a buy rating?
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