Tidal Investments LLC Makes New $761,000 Investment in Eastern Bankshares, Inc. (NASDAQ:EBC)

Tidal Investments LLC bought a new stake in Eastern Bankshares, Inc. (NASDAQ:EBC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 46,412 shares of the company’s stock, valued at approximately $761,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Eastern Bankshares by 36.3% during the 3rd quarter. FMR LLC now owns 18,431,075 shares of the company’s stock worth $302,085,000 after buying an additional 4,913,376 shares during the last quarter. State Street Corp grew its position in Eastern Bankshares by 20.3% in the third quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after acquiring an additional 1,170,276 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in 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 acquiring an additional 950,150 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Eastern Bankshares by 23.0% in the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company’s stock worth $75,203,000 after acquiring an additional 859,136 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Eastern Bankshares by 13.4% in the 3rd quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock valued at $65,061,000 after purchasing an additional 467,663 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upped their price objective on shares of Eastern Bankshares from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.

Eastern Bankshares Stock Performance

Shares of EBC opened at $17.26 on Friday. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 7.44 and a beta of 0.92. The stock has a fifty day moving average of $17.74 and a 200-day moving average of $16.16.

Eastern Bankshares (NASDAQ:EBC) last posted its earnings results on Thursday, October 24th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.08). The firm had revenue of $299.55 million during the quarter, compared to the consensus estimate of $215.92 million. Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. During the same quarter in the prior year, the business posted $0.32 earnings per share. As a group, equities analysts forecast that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Tuesday, December 3rd were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, December 3rd. 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 2.78%. Eastern Bankshares’s dividend payout ratio (DPR) is currently 20.69%.

Insiders Place Their Bets

In related news, Director Deborah C. Jackson sold 5,713 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $18.56, for a total transaction of $106,033.28. Following the completion of the transaction, the director now directly owns 67,284 shares of the company’s stock, valued at $1,248,791.04. This trade represents a 7.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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.