Short Interest in Eastern Bankshares, Inc. (NASDAQ:EBC) Drops By 7.5%

Eastern Bankshares, Inc. (NASDAQ:EBCGet Free Report) was the target of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 4,660,000 shares, a decrease of 7.5% from the February 29th total of 5,040,000 shares. Currently, 2.9% of the shares of the stock are short sold. Based on an average daily volume of 950,700 shares, the short-interest ratio is currently 4.9 days.

Eastern Bankshares Trading Up 0.4 %

Shares of Eastern Bankshares stock opened at $13.78 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a fifty day moving average price of $13.51 and a 200 day moving average price of $13.05. Eastern Bankshares has a 1 year low of $9.93 and a 1 year high of $15.07. The stock has a market cap of $2.43 billion, a PE ratio of 9.77 and a beta of 0.84.

Eastern Bankshares (NASDAQ:EBCGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.11). The business had revenue of $160.05 million for the quarter, compared to the consensus estimate of $153.53 million. Equities research analysts predict that Eastern Bankshares will post 1.19 earnings per share for the current year.

Eastern Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Thursday, February 29th. Eastern Bankshares’s dividend payout ratio (DPR) is 31.21%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Eastern Bankshares in a research report on Friday, January 26th.

Get Our Latest Stock Report on EBC

Insider Buying and Selling at Eastern Bankshares

In related news, Director Luis Borgen sold 40,288 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $13.08, for a total value of $526,967.04. Following the completion of the transaction, the director now owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.31% of the company’s stock.

Institutional Investors Weigh In On Eastern Bankshares

Large investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new position in shares of Eastern Bankshares in the 4th quarter valued at $189,000. Wellington Management Group LLP increased its holdings in shares of Eastern Bankshares by 19.3% in the 4th quarter. Wellington Management Group LLP now owns 3,464,674 shares of the company’s stock valued at $49,198,000 after purchasing an additional 559,754 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Eastern Bankshares by 9.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,231,126 shares of the company’s stock valued at $31,682,000 after purchasing an additional 193,151 shares in the last quarter. Tortoise Investment Management LLC purchased a new position in Eastern Bankshares during the 4th quarter valued at about $134,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Eastern Bankshares by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,839 shares of the company’s stock valued at $1,390,000 after acquiring an additional 3,359 shares in the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Eastern Bankshares Company Profile

(Get 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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