Beaumont Financial Advisors LLC Has $1.72 Million Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Beaumont Financial Advisors LLC reduced its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,811 shares of the company’s stock after selling 12,069 shares during the period. Beaumont Financial Advisors LLC’s holdings in Eastern Bankshares were worth $1,722,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Eastern Bankshares by 36.3% during the third quarter. FMR LLC now owns 18,431,075 shares of the company’s stock valued at $302,085,000 after buying an additional 4,913,376 shares during the last quarter. State Street Corp increased its holdings in shares of Eastern Bankshares by 20.3% during the 3rd quarter. State Street Corp now owns 6,940,433 shares of the company’s stock valued at $113,754,000 after purchasing an additional 1,170,276 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Eastern Bankshares by 24.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock valued at $67,599,000 after purchasing an additional 950,150 shares during the period. Geode Capital Management LLC raised its stake in shares of Eastern Bankshares by 23.0% during the third quarter. Geode Capital Management LLC now owns 4,587,497 shares of the company’s stock worth $75,203,000 after purchasing an additional 859,136 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in Eastern Bankshares by 13.4% in the third quarter. Jennison Associates LLC now owns 3,969,558 shares of the company’s stock valued at $65,061,000 after purchasing an additional 467,663 shares during the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastern Bankshares

In other Eastern Bankshares news, Director Deborah C. Jackson sold 5,713 shares of Eastern Bankshares stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $18.56, for a total transaction of $106,033.28. Following the sale, the director now owns 67,284 shares in the company, valued at $1,248,791.04. The trade was a 7.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their target price on Eastern Bankshares from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Eastern Bankshares Stock Up 1.1 %

NASDAQ:EBC opened at $17.70 on Wednesday. The stock has a market cap of $3.80 billion, a PE ratio of 7.63 and a beta of 0.94. The business’s 50-day simple moving average is $17.80 and its two-hundred day simple moving average is $16.80. Eastern Bankshares, Inc. has a 52 week low of $12.22 and a 52 week high of $19.40.

Eastern Bankshares (NASDAQ:EBC) last issued its earnings results on Thursday, October 24th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). Eastern Bankshares had a return on equity of 4.49% and a net margin of 38.00%. The company had revenue of $299.55 million for the quarter, compared to analyst estimates of $215.92 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. Sell-side analysts anticipate that Eastern Bankshares, Inc. will post 0.98 earnings per share for the current fiscal year.

Eastern Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Tuesday, December 3rd were issued a $0.12 dividend. This is a positive change from Eastern Bankshares’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Tuesday, December 3rd. Eastern Bankshares’s payout ratio is 20.69%.

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.