Xponance Inc. Acquires 1,203 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Xponance Inc. grew its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 9.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,778 shares of the company’s stock after acquiring an additional 1,203 shares during the period. Xponance Inc.’s holdings in Eastern Bankshares were worth $238,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of EBC. Nomura Asset Management Co. Ltd. grew its holdings in Eastern Bankshares by 127.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,800 shares of the company’s stock valued at $30,000 after purchasing an additional 1,010 shares during the last quarter. KBC Group NV raised its holdings in Eastern Bankshares by 69.5% in the 4th quarter. KBC Group NV now owns 9,246 shares of the company’s stock worth $159,000 after acquiring an additional 3,791 shares during the period. Orion Portfolio Solutions LLC acquired a new position in Eastern Bankshares during the 3rd quarter worth $180,000. Wilmington Savings Fund Society FSB bought a new stake in Eastern Bankshares during the third quarter valued at about $220,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Eastern Bankshares in the third quarter valued at about $232,000. Institutional investors and hedge funds own 71.68% of the company’s stock.

Eastern Bankshares Trading Down 2.6 %

Shares of EBC stock opened at $16.32 on Friday. The firm’s fifty day simple moving average is $17.51 and its 200 day simple moving average is $17.35. The firm has a market capitalization of $3.48 billion, a P/E ratio of 24.36 and a beta of 0.95. Eastern Bankshares, Inc. has a 1 year low of $12.22 and a 1 year high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Eastern Bankshares had a return on equity of 6.02% and a net margin of 11.07%. Equities research analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current fiscal year.

Eastern Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend was Monday, March 3rd. Eastern Bankshares’s dividend payout ratio (DPR) is presently 71.64%.

Insider Activity

In related news, CFO R David Rosato acquired 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, for a total transaction of $154,000.00. Following the purchase, the chief financial officer now owns 20,000 shares in the company, valued at approximately $308,000. This trade represents a 100.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $22.00 target price (up previously from $21.00) on shares of Eastern Bankshares in a research note on Monday, January 27th.

Eastern Bankshares Company 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.