Crestwood Advisors Group LLC Purchases New Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Crestwood Advisors Group LLC purchased a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 52,198 shares of the company’s stock, valued at approximately $856,000.

Other institutional investors also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Eastern Bankshares during the third quarter valued at approximately $25,000. Sachetta LLC purchased a new position in Eastern Bankshares during the second quarter valued at approximately $35,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Eastern Bankshares by 1,155.9% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,333 shares of the company’s stock valued at $72,000 after acquiring an additional 3,988 shares in the last quarter. Signaturefd LLC raised its position in Eastern Bankshares by 18.3% during the third quarter. Signaturefd LLC now owns 5,194 shares of the company’s stock valued at $85,000 after acquiring an additional 802 shares in the last quarter. Finally, CWM LLC raised its position in Eastern Bankshares by 1,383.3% during the third quarter. CWM LLC now owns 5,874 shares of the company’s stock valued at $96,000 after acquiring an additional 5,478 shares in the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EBC. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $19.00 price objective (up from $17.00) on shares of Eastern Bankshares in a research report on Monday, July 29th. JPMorgan Chase & Co. upgraded Eastern Bankshares from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $14.00 to $18.50 in a research report on Tuesday, August 6th.

Eastern Bankshares Stock Up 1.4 %

Eastern Bankshares stock opened at $16.57 on Wednesday. The stock has a market capitalization of $3.57 billion, a PE ratio of 7.14 and a beta of 0.89. Eastern Bankshares, Inc. has a 12 month low of $11.24 and a 12 month high of $17.49. The business has a 50 day simple moving average of $16.49 and a 200-day simple moving average of $15.07. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.84 and a quick ratio of 0.84.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). The business had revenue of $299.55 million during the quarter, compared to analysts’ expectations of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.76%. During the same quarter last year, the firm earned $0.32 earnings per share. On average, analysts anticipate that Eastern Bankshares, Inc. will post 0.98 EPS for the current fiscal year.

Eastern Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 3rd will be paid a $0.12 dividend. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.90%. Eastern Bankshares’s payout ratio is currently 18.97%.

Insider Transactions at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of Eastern Bankshares stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $16.66, for a total value of $211,182.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.15% of the company’s stock.

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.