Fintel reports that on June 29, 2023, JP Morgan maintained coverage of Eastern Bankshares (NASDAQ:EBC) with a Underweight recommendation.
Analyst Price Forecast Suggests 18.21% Upside
As of June 2, 2023, the average one-year price target for Eastern Bankshares is 14.28. The forecasts range from a low of 13.13 to a high of $15.75. The average price target represents an increase of 18.21% from its latest reported closing price of 12.08.
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The projected annual revenue for Eastern Bankshares is 673MM, an increase of 63.63%. The projected annual non-GAAP EPS is 1.63.
Eastern Bankshares Declares $0.10 Dividend
On April 27, 2023 the company declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of June 2, 2023 received the payment on June 15, 2023. Previously, the company paid $0.10 per share.
At the current share price of $12.08 / share, the stock's dividend yield is 3.31%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.18%, the lowest has been 1.23%, and the highest has been 4.27%. The standard deviation of yields is 0.78 (n=125).
The current dividend yield is 1.45 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is -1.42. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 479 funds or institutions reporting positions in Eastern Bankshares. This is an increase of 12 owner(s) or 2.57% in the last quarter. Average portfolio weight of all funds dedicated to EBC is 0.18%, a decrease of 17.86%. Total shares owned by institutions decreased in the last three months by 0.11% to 117,144K shares. 
The put/call ratio of EBC is 0.38, indicating a bullish outlook.
What are Other Shareholders Doing?
T. Rowe Price Investment Management holds 8,348K shares representing 5.14% ownership of the company. In it's prior filing, the firm reported owning 3,837K shares, representing an increase of 54.04%. The firm increased its portfolio allocation in EBC by 48.73% over the last quarter.
FCPVX - Fidelity Small Cap Value Fund holds 7,410K shares representing 4.56% ownership of the company. In it's prior filing, the firm reported owning 5,870K shares, representing an increase of 20.78%. The firm increased its portfolio allocation in EBC by 2.32% over the last quarter.
Wellington Management Group Llp holds 5,156K shares representing 3.17% ownership of the company. In it's prior filing, the firm reported owning 4,830K shares, representing an increase of 6.32%. The firm decreased its portfolio allocation in EBC by 22.82% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,883K shares representing 3.00% ownership of the company. In it's prior filing, the firm reported owning 4,863K shares, representing an increase of 0.40%. The firm decreased its portfolio allocation in EBC by 32.18% over the last quarter.
PRSVX - T. Rowe Price Small-Cap Value Fund holds 4,643K shares representing 2.86% ownership of the company. In it's prior filing, the firm reported owning 2,425K shares, representing an increase of 47.77%. The firm increased its portfolio allocation in EBC by 41.46% over the last quarter.
Eastern Bankshares Background Information
(This description is provided by the company.)
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 115 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $125 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues, and communities.
Key filings for this company:
This story originally appeared on Fintel.
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