New York State Common Retirement Fund purchases 42,988 shares of Eastern Bankshares, Inc. (NASDAQ: EBC)


New York State Common Retirement Fund increased its stake in shares of Eastern Bankshares, Inc. (NASDAQ: EBCGet a rating) by 34.7% in Q1, according to its most recent 13F filing with the Securities & Exchange Commission. The fund held 166,805 shares of the company after purchasing an additional 42,988 shares during the period. The New York State Common Retirement Fund held 0.09% of Eastern Bank shares worth $3,593,000 when it last filed with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also changed their positions in EBC. Janney Montgomery Scott LLC increased its holdings of Eastern Bankshares shares by 19.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 25,581 shares of the company valued at $516,000 after purchasing an additional 4,181 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings of Eastern Bankshares shares by 1.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 57,228 shares of the company valued at $1,154,000 after purchasing an additional 985 shares in the last quarter. New Jersey State Joint Pension Fund D purchased a new stock position in Eastern Bankshares during Q4, valued at approximately $2,671,000. Qube Research & Technologies Ltd bought a new position in shares of Eastern Bankshares in Q4, valued at around $668,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its equity stake in Eastern Bankshares by 57.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,587 shares of the company valued at $415,000 after acquiring an additional 7,530 shares in the last quarter. Institutional investors hold 58.98% of the company’s shares.

A Wall Street analyst gives his opinion

A number of research analysts have recently commented on EBC’s stock. JPMorgan Chase & Co. lowered its price target on Eastern Bankshares shares from $23.50 to $22.50 and set a “neutral” rating for the company in a Friday, July 1 report. Piper Sandler lowered her price target on Eastern Bankshares shares to $23.00 and set an “na” rating for the company in a Monday, May 16 report. Finally, Compass Point raised its price target on shares of Eastern Bankshares to $28.00 in a report on Tuesday.

Oriental bank stock price performance

Eastern Bankshares share opened at $20.94 on Friday. Eastern Bankshares, Inc. has a 1-year low of $17.98 and a 1-year high of $22.35. The company has a market capitalization of $3.73 billion, a P/E ratio of 20.33 and a beta of 0.97. The company’s 50-day moving average is $19.32 and its 200-day moving average is $20.09.

Eastern Bank Shares (NASDAQ: EBCGet a rating) last released its quarterly earnings data on Thursday, July 28. The company reported earnings per share of $0.32 for the quarter, beating analyst consensus estimates of $0.29 by $0.03. Eastern Bankshares had a net margin of 25.67% and a return on equity of 6.05%. During the same period last year, the company posted EPS of $0.22. Research analysts expect Eastern Bankshares, Inc. to post 1.33 earnings per share for the current fiscal year.

Eastern Bankshares announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15. Investors of record on Friday, September 2 will receive a dividend of $0.10. This represents a dividend of $0.40 on an annualized basis and a yield of 1.91%. The ex-date of this dividend is Thursday, September 1. Eastern Bankshares’ dividend payout ratio (DPR) is currently 38.84%.

Insider Trading at Eastern Bankshares

In other news, Director Luis Borgen sold 28,730 shares of the company in a transaction that took place on Wednesday, August 3. The shares were sold at an average price of $20.28, for a total transaction of $582,644.40. Following the transaction, the administrator now directly owns 89,965 shares of the company, valued at $1,824,490.20. The sale was disclosed in a filing with the SEC, accessible via this hyperlink. Company insiders hold 1.36% of the company’s shares.

Eastern Bankshares Company Profile

(Get a rating)

Eastern Bankshares, Inc operates as a banking holding company for Eastern Bank which provides banking products and services primarily to individuals, businesses and small businesses. It operates in two segments, banking business and insurance agency business. The Company provides interest-bearing and non-interest-bearing checking deposits, money market deposits, savings deposits and term deposit certificates, as well as debit and credit cards.

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Institutional ownership by quarter for Eastern Bankshares (NASDAQ:EBC)



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