Crestwood Advisors Group LLC Makes New $856,000 Investment in Eastern Bankshares, Inc. (NASDAQ:EBC)

Crestwood Advisors Group LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 52,198 shares of the company’s stock, valued at approximately $856,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EBC. SG Americas Securities LLC acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $126,000. Sei Investments Co. lifted its stake in shares of Eastern Bankshares by 18.7% in the 1st quarter. Sei Investments Co. now owns 41,330 shares of the company’s stock valued at $570,000 after purchasing an additional 6,514 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Eastern Bankshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 27,866 shares of the company’s stock valued at $384,000 after purchasing an additional 2,193 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $3,804,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Eastern Bankshares by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 103,320 shares of the company’s stock valued at $1,424,000 after purchasing an additional 5,481 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Price Performance

EBC stock opened at $16.57 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.01. The company 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’s fifty day moving average price is $16.49 and its 200 day moving average price is $15.07.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (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 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 in the prior year, the firm posted $0.32 EPS. On average, sell-side analysts anticipate that Eastern Bankshares, Inc. will post 0.98 EPS for the current year.

Eastern Bankshares Increases Dividend

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

Insider Activity at Eastern Bankshares

In related news, President Quincy Lee Miller sold 12,676 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was 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 SEC, which is accessible through this link. Company insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a research note on Monday, July 29th. JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their price target for the company from $14.00 to $18.50 in a research note on Tuesday, August 6th.

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.