Hennessy Advisors Inc., a prominent institutional investor, has recently increased its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 5.0% during the second quarter of this year. The company revealed this information in its latest 13F filing with the Securities and Exchange Commission (SEC). As a result of this acquisition, Hennessy Advisors Inc. now owns approximately 210,000 shares of Eastern Bankshares’ stock, representing a 0.12% ownership stake. The total value of these shares amounts to $2,577,000 as per the most recent filing with the SEC.
Eastern Bankshares is expected to release impressive financial results for its last fiscal quarter ending July 27th. During this period, the company reported earnings per share (EPS) of $0.28, slightly falling short of analysts’ consensus estimates by ($0.02). Despite this small deviation from expectations, Eastern Bankshares demonstrated commendable revenue figures for the quarter with $195.42 million compared to analysts’ projections of $181.17 million.
Moreover, Eastern Bankshares impressed with an impressive net margin of 25.57% and a return on equity (ROE) of 8.49%. These metrics indicate sound financial performance and effective capital allocation strategies employed by the company’s management team.
Looking ahead into the current fiscal year, equities research analysts anticipate that Eastern Bankshares will post an EPS of 1.23. This prediction suggests continued growth and positive prospects for the institution in an increasingly competitive market.
Eastern Bankshares operates within the banking industry and provides various financial services to individual consumers as well as businesses across different sectors. The company’s steady financial performance reflects its ability to adapt to changing market conditions while maintaining efficiency and profitability.
In conclusion, Hennessy Advisors Inc.’s increased investment in Eastern Bankshares highlights their confidence in the company’s potential for growth and success going forward. With positive quarterly results and a promising outlook for the current fiscal year, Eastern Bankshares remains an appealing option for investors seeking to capitalize on the banking industry’s potential. As always, it is essential for potential investors to conduct their own research and analysis before making any investment decisions.
Please note that the information presented in this article is accurate as of September 26, 2023, and may be subject to change based on subsequent filings and announcements by Eastern Bankshares.
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Growing Interest in Eastern Bankshares, Inc. as Hedge Funds and Institutional Investors Make Moves
Eastern Bankshares, Inc. (EBC) has attracted the attention of several hedge funds, with many making significant changes to their positions in the company. Among these is Grey Fox Wealth Advisors LLC, which acquired a new stake in Eastern Bankshares during the fourth quarter, with an estimated value of around $50,000.
Point72 Hong Kong Ltd also joined the bandwagon by acquiring a new position in Eastern Bankshares during the second quarter, valued at $56,000. Meanwhile, TimeScale Financial Inc. decided to boost its holdings in the company by 28.8% during the first quarter, now owning 4,538 shares worth $57,000.
Knott David M Jr entered the scene as well by purchasing a new position in Eastern Bankshares during the first quarter for roughly $63,000. Lastly, State of Wyoming didn’t want to miss out and acquired a new stake in Eastern Bankshares during the fourth quarter for $91,000. It is worth noting that hedge funds and other institutional investors currently hold 58.03% of Eastern Bankshares’ stock.
On Tuesday morning, EBC opened at $12.63 per share. The company has seen fluctuations over its 52-week period with a low of $9.93 and a high of $21.54. Currently, EBC has a 50-day moving average price of $13.71 and a two-hundred-day moving average price of $12.62.
In recent news from Eastern Bankshares, the company declared its quarterly dividend on Friday, September 15th. Investors who were recorded as shareholders on Friday, September 1st received a dividend payment amounting to $0.10 per share on this date; thus resulting in an annualized dividend payout ratio of -129.03% and an appealing yield of 3.17%.
Analysts have expressed their opinions on EBC shares as well. Seaport Res Ptn reiterated its “buy” rating on Eastern Bankshares in a research report released on September 12th. Piper Sandler also chimed in, raising its price objective for EBC shares from $15.00 to $16.50 in their research note on September 20th. Lastly, JPMorgan Chase & Co. revised their price objective for EBC shares from $13.00 to $14.00 and assigned an “underweight” rating to the company in their report published on August 2nd.
Overall, the recent changes made by hedge funds and institutional investors show a growing interest in Eastern Bankshares, Inc. The fluctuations in the stock’s value over the past year highlight the uncertainties surrounding this investment opportunity. Despite mixed analyst opinions, it will be interesting to see how Eastern Bankshares evolves within the financial market in the coming months.
