Edgestream Partners L.P. Raises Holdings in Eastern Bankshares, Inc. $EBC

Edgestream Partners L.P. increased its stake in Eastern Bankshares, Inc. by 457.9% in Q2, owning 856,819 shares worth $13,084,000. This makes Eastern Bankshares 0.4% of Edgestream's portfolio. Other investors also increased their positions. Insiders, including Robert Rivers and CFO R David Rosato, acquired additional shares. Analysts have given Eastern Bankshares a "Moderate Buy" rating with a price target of $21.50. The company reported Q3 earnings of $0.32 per share and announced a quarterly dividend.

Edgestream Partners L.P. increased its stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 457.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 856,819 shares of the company's stock after acquiring an additional 703,237 shares during the quarter. Eastern Bankshares makes up 0.4% of Edgestream Partners L.P.'s investment portfolio, making the stock its 24th largest position. Edgestream Partners L.P. owned approximately 0.41% of Eastern Bankshares worth $13,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Assetmark Inc. boosted its stake in shares of Eastern Bankshares by 8,112.5% during the second quarter. Assetmark Inc. now owns 1,971 shares of the company's stock valued at $30,000 after purchasing an additional 1,947 shares during the period. CWM LLC boosted its position in Eastern Bankshares by 90.5% during the 2nd quarter. CWM LLC now owns 2,862 shares of the company's stock valued at $44,000 after buying an additional 1,360 shares during the period. Strs Ohio bought a new stake in Eastern Bankshares in the 1st quarter worth $130,000. RFG Bristol Wealth Advisors LLC purchased a new position in shares of Eastern Bankshares in the second quarter valued at about $153,000. Finally, Cetera Investment Advisers purchased a new position in shares of Eastern Bankshares in the first quarter valued at about $169,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other Eastern Bankshares news, insider Robert Francis Rivers acquired 50,000 shares of the company's stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average price of $17.21 per share, with a total value of $860,500.00. Following the completion of the purchase, the insider directly owned 403,274 shares of the company's stock, valued at approximately $6,940,345.54. The trade was a 14.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO R David Rosato acquired 10,000 shares of the business's stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $17.08 per share, for a total transaction of $170,800.00. Following the acquisition, the chief financial officer owned 30,000 shares of the company's stock, valued at approximately $512,400. This trade represents a 50.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

EBC has been the subject of a number of analyst reports. Cowen assumed coverage on shares of Eastern Bankshares in a report on Wednesday, September 24th. They set a "buy" rating for the company. TD Cowen assumed coverage on Eastern Bankshares in a research report on Thursday, September 25th. They issued a "buy" rating and a $23.00 price objective on the stock. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Eastern Bankshares in a research note on Monday, November 24th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Eastern Bankshares has an average rating of "Moderate Buy" and an average price target of $21.50.

Read Our Latest Report on Eastern Bankshares

Eastern Bankshares Stock Performance

Shares of EBC opened at $18.84 on Monday. The company has a 50-day simple moving average of $17.98 and a two-hundred day simple moving average of $16.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $3.97 billion, a PE ratio of 75.34 and a beta of 0.95. Eastern Bankshares, Inc. has a one year low of $13.51 and a one year high of $19.31.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.32 earnings per share (EPS) for the quarter. Eastern Bankshares had a return on equity of 7.94% and a net margin of 4.97%.The firm had revenue of $162.26 million during the quarter. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, December 3rd. Eastern Bankshares's payout ratio is 208.00%.

Eastern Bankshares Company Profile

(Free Report)

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.

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