Eastern Bankshares (NASDAQ:EBC) Upgraded at Zacks Investment Research

Eastern Bankshares (NASDAQ:EBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The brokerage presently has a $18.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.09% from the company’s previous close.

According to Zacks, “Eastern Bankshares Inc. provides commercial banking products and services primarily to retail, commercial and small business customers. It provides banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance offices. Eastern Bankshares Inc. is based in Boston, Massachusetts. “

Several other analysts also recently weighed in on EBC. Keefe, Bruyette & Woods assumed coverage on shares of Eastern Bankshares in a research report on Monday, November 9th. They issued an “outperform” rating and a $15.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on shares of Eastern Bankshares in a research report on Tuesday, November 10th. They issued a “neutral” rating and a $14.00 price objective on the stock. Finally, Janney Montgomery Scott assumed coverage on shares of Eastern Bankshares in a research report on Thursday, October 15th. They issued a “buy” rating on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $15.50.

Shares of NASDAQ EBC traded up $0.17 during midday trading on Monday, hitting $16.35. The company’s stock had a trading volume of 1,184,486 shares, compared to its average volume of 998,283. Eastern Bankshares has a 1-year low of $11.74 and a 1-year high of $17.05. The business has a fifty day simple moving average of $16.30. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.91 and a current ratio of 0.91.

Eastern Bankshares (NASDAQ:EBC) last posted its quarterly earnings results on Thursday, January 28th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.04. The business had revenue of $153.25 million during the quarter, compared to analyst estimates of $145.17 million. Equities analysts forecast that Eastern Bankshares will post 0.47 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $6,428,000. Alliancebernstein L.P. bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $6,822,000. Beaumont Financial Partners LLC bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $2,610,000. Parsons Capital Management Inc. RI bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $343,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Eastern Bankshares in the 4th quarter worth approximately $2,440,000.

About Eastern Bankshares

Eastern Bankshares, Inc provides commercial banking products and services primarily to retail, commercial, and small business customers. The company offers interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and certificates of deposits. It also offers commercial and industrial loans, commercial real estate and construction loans, business banking loans, residential real estate loans, and home equity and other consumer loans.

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