Abacus Wealth Partners LLC Purchases Shares of 20,660 Eastern Bankshares, Inc. (NASDAQ:EBC)

Abacus Wealth Partners LLC acquired a new stake in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 20,660 shares of the company's stock, valued at approximately $339,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EBC. GAMMA Investing LLC increased its stake in shares of Eastern Bankshares by 92.1% during the 1st quarter. GAMMA Investing LLC now owns 1,815 shares of the company's stock valued at $30,000 after acquiring an additional 870 shares during the last quarter. Sterling Capital Management LLC increased its position in Eastern Bankshares by 836.6% during the fourth quarter. Sterling Capital Management LLC now owns 6,219 shares of the company's stock worth $107,000 after purchasing an additional 5,555 shares during the last quarter. Barrett & Company Inc. acquired a new position in Eastern Bankshares during the first quarter worth approximately $134,000. RFG Bristol Wealth Advisors LLC purchased a new position in Eastern Bankshares during the fourth quarter worth approximately $178,000. Finally, Cetera Investment Advisers acquired a new position in shares of Eastern Bankshares in the 1st quarter valued at $169,000. Hedge funds and other institutional investors own 71.68% of the company's stock.

Insider Activity

In other news, Director Luis Borgen sold 2,348 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $15.60, for a total value of $36,628.80. Following the transaction, the director owned 29,011 shares in the company, valued at $452,571.60. This represents a 7.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods cut their price objective on Eastern Bankshares from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th.

Read Our Latest Stock Report on EBC

Eastern Bankshares Trading Down 0.4%

Shares of NASDAQ:EBC opened at $15.68 on Thursday. The company has a 50 day moving average of $15.33 and a 200-day moving average of $16.10. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The firm has a market cap of $3.35 billion, a P/E ratio of -50.58 and a beta of 0.94. Eastern Bankshares, Inc. has a twelve month low of $13.51 and a twelve month high of $19.40.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.03. Eastern Bankshares had a positive return on equity of 7.38% and a negative net margin of 6.49%. The firm had revenue of $249.10 million for the quarter, compared to analyst estimates of $241.32 million. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 earnings per share for the current fiscal year.

Eastern Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be given a $0.13 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $0.52 annualized dividend and a dividend yield of 3.32%. Eastern Bankshares's dividend payout ratio (DPR) is presently -167.74%.

About Eastern Bankshares

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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