Moody Lynn & Lieberson LLC Takes Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Moody Lynn & Lieberson LLC acquired a new position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,673 shares of the company’s stock, valued at approximately $454,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EBC. Eastern Bank acquired a new stake in Eastern Bankshares in the third quarter worth $23,849,000. Dimensional Fund Advisors LP increased its holdings in shares of Eastern Bankshares by 24.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,835,761 shares of the company’s stock worth $67,599,000 after acquiring an additional 950,150 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Eastern Bankshares by 58.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,079,028 shares of the company’s stock worth $29,065,000 after purchasing an additional 764,881 shares during the period. Jennison Associates LLC lifted its holdings in shares of Eastern Bankshares by 23.8% during the 1st quarter. Jennison Associates LLC now owns 2,993,308 shares of the company’s stock valued at $41,248,000 after purchasing an additional 576,381 shares in the last quarter. Finally, Stieven Capital Advisors L.P. bought a new stake in Eastern Bankshares during the 2nd quarter worth approximately $6,717,000. Institutional investors own 71.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $19.00 price target (up previously from $17.00) on shares of Eastern Bankshares in a report on Monday, July 29th. JPMorgan Chase & Co. raised shares of Eastern Bankshares from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $18.50 in a research note on Tuesday, August 6th.

Eastern Bankshares Stock Up 0.2 %

Shares of Eastern Bankshares stock opened at $16.72 on Friday. The firm has a market cap of $2.95 billion, a PE ratio of 5.87 and a beta of 0.89. The business’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $14.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.84 and a current ratio of 0.84. Eastern Bankshares, Inc. has a 52-week low of $10.65 and a 52-week high of $17.49.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). Eastern Bankshares had a net margin of 48.38% and a return on equity of 5.06%. During the same quarter last year, the company earned $0.32 earnings per share. On average, analysts predict that Eastern Bankshares, Inc. will post 1.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastern Bankshares

In other news, President Quincy Lee Miller sold 12,676 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $16.66, for a total transaction of $211,182.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.15% of the company’s stock.

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.