Fintel reports that on August 2, 2023, JP Morgan maintained coverage of Eastern Bankshares (NASDAQ:EBC) with a Underweight recommendation.
Analyst Price Forecast Suggests 9.02% Upside
As of August 2, 2023, the average one-year price target for Eastern Bankshares is 15.47. The forecasts range from a low of 14.14 to a high of $17.32. The average price target represents an increase of 9.02% from its latest reported closing price of 14.19.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Eastern Bankshares is 673MM, an increase of 59.99%. The projected annual non-GAAP EPS is 1.63.
What is the Fund Sentiment?
There are 474 funds or institutions reporting positions in Eastern Bankshares. This is an increase of 9 owner(s) or 1.94% in the last quarter. Average portfolio weight of all funds dedicated to EBC is 0.17%, a decrease of 23.18%. Total shares owned by institutions increased in the last three months by 0.97% to 115,885K shares. 
The put/call ratio of EBC is 0.31, 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.
Additional reading:
- Eastern Bankshares, Inc. Reports Second Quarter 2023 Financial Results ~ Strong Margin Expansion the Result of the Prior Quarter’s Balance Sheet Repositioning ~ ~ Cash Raised in the Securities Sale Will Continue to Enhance the Company’s Financial Pos
- Eastern Bankshares, Inc. Reports First Quarter 2023 Financial Results ~ Strengthens Liquidity Through Balance Sheet Repositioning – Provides 107% Coverage of All Uninsured and Uncollateralized Deposits While Maintaining Strong Capital Position ~
- Subsidiaries of Eastern Bankshares, Inc.
- EASTERN BANKSHARES, INC. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS
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This story originally appeared on Fintel.
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