MetLife Investment Management LLC Trims Stake in Eastern Bankshares, Inc. $EBC

MetLife Investment Management LLC lowered its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 3.0% during the first quarter, Holdings Channel.com reports. The firm owned 114,408 shares of the company’s stock after selling 3,545 shares during the period. MetLife Investment Management LLC’s holdings in Eastern Bankshares were worth $1,876,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EBC. Frontier Capital Management Co. LLC raised its position in Eastern Bankshares by 112.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,666,519 shares of the company’s stock valued at $45,997,000 after purchasing an additional 1,409,471 shares during the period. Dimensional Fund Advisors LP raised its position in Eastern Bankshares by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 8,019,676 shares of the company’s stock valued at $131,522,000 after purchasing an additional 1,087,206 shares during the period. Millennium Management LLC raised its position in Eastern Bankshares by 203.7% in the fourth quarter. Millennium Management LLC now owns 900,442 shares of the company’s stock valued at $15,533,000 after purchasing an additional 603,991 shares during the period. Nuveen LLC purchased a new stake in Eastern Bankshares in the first quarter valued at $8,768,000. Finally, Brown Advisory Inc. raised its position in Eastern Bankshares by 12.7% in the first quarter. Brown Advisory Inc. now owns 4,180,377 shares of the company’s stock valued at $68,558,000 after purchasing an additional 469,743 shares during the period. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller acquired 13,706 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average cost of $17.07 per share, with a total value of $233,961.42. Following the completion of the purchase, the president owned 13,706 shares of the company’s stock, valued at $233,961.42. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.10% of the company’s stock.

Eastern Bankshares Price Performance

NASDAQ:EBC opened at $17.13 on Wednesday. Eastern Bankshares, Inc. has a 52 week low of $13.51 and a 52 week high of $19.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.62 billion, a P/E ratio of -55.26 and a beta of 0.95. The stock’s fifty day moving average is $15.92 and its two-hundred day moving average is $15.73.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. Eastern Bankshares had a positive return on equity of 7.35% and a negative net margin of 6.49%.The business had revenue of $249.10 million during the quarter, compared to analysts’ expectations of $241.32 million. Equities analysts expect that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Eastern Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.0%. Eastern Bankshares’s payout ratio is presently -167.74%.

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.