Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Atom Investors LP

Atom Investors LP lessened its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 77.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,319 shares of the company’s stock after selling 262,902 shares during the period. Atom Investors LP’s holdings in Eastern Bankshares were worth $1,284,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Eastern Bankshares in the third quarter valued at approximately $25,000. PFS Partners LLC acquired a new position in shares of Eastern Bankshares in the 3rd quarter valued at $32,000. Sachetta LLC purchased a new position in shares of Eastern Bankshares in the 2nd quarter valued at $35,000. RPg Family Wealth Advisory LLC acquired a new stake in Eastern Bankshares during the 3rd quarter worth $41,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in Eastern Bankshares by 1,155.9% in 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 during the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastern Bankshares

In other news, Director Deborah C. Jackson sold 5,713 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the transaction, the director now directly owns 67,284 shares in the company, valued at $1,248,791.04. The trade was a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. raised Eastern Bankshares from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $14.00 to $18.50 in a report on Tuesday, August 6th.

Eastern Bankshares Trading Down 2.7 %

Shares of NASDAQ EBC opened at $18.07 on Wednesday. The stock has a market cap of $3.88 billion, a P/E ratio of 7.79 and a beta of 0.92. Eastern Bankshares, Inc. has a twelve month low of $12.22 and a twelve month high of $19.40. The stock has a 50 day moving average of $17.28 and a two-hundred day moving average of $15.79.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly 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). Eastern Bankshares had a net margin of 38.00% and a return on equity of 4.49%. The business had revenue of $299.55 million during the quarter, compared to analysts’ expectations of $215.92 million. During the same quarter last year, the company earned $0.32 EPS. As a group, research analysts predict that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current year.

Eastern Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.66%. This is a boost from Eastern Bankshares’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, December 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 18.97%.

Eastern Bankshares Profile

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.