Eastern Bankshares Inc. (EBC) may enjoy gains as insiders got busy in the recent days

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Eastern Bankshares Inc.’s filing revealed that its Director Shell Greg Allen Sr. unloaded Company’s shares for reported $0.48 million on Sep 09. In the deal valued at $20.10 per share,24,000 shares were sold. As a result of this transaction, Shell Greg Allen Sr. now holds 173,465 shares worth roughly $ 3.28 million.


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Then, Borgen Luis sold 28,730 shares, generating $582,768 in total proceeds. Upon selling the shares at $20.28, the Director now owns 89,965 shares.

Before that, Shell Greg Allen Sr. sold 40,000 shares. Eastern Bankshares Inc. shares valued at $782,688 were divested by the Director at a price of $19.57 per share. As a result of the transaction, Shell Greg Allen Sr. now holds 194,596 shares, worth roughly $3.68 million.

Piper Sandler initiated its Eastern Bankshares Inc. [EBC] rating to an Overweight in a research note published on Monday, November 16, 2021; the price target was $25. PT values the company’s stock at a premium of 24.36 to its Monday closing price. A number of analysts have revised their coverage, including Seaport Global Securities’s analysts, who began to cover the stock in mid February with a ‘”a Buy”‘ rating. JP Morgan began covering EBC with “Neutral” recommendation on November 10, 2020. Keefe Bruyette started covering the stock on November 09, 2020. It rated EBC as “an Outperform”.

Price Performance Review of EBC

On Monday, Eastern Bankshares Inc. [NASDAQ:EBC] saw its stock fall -1.25% to $18.91. On the same session, the stock had its day’s lowest price of $18.86, but rose to a high of $19.29. Over the last five days, the stock has lost -1.36%. Eastern Bankshares Inc. shares have fallen nearly -6.25% since the year began. Nevertheless, the stocks have fallen -13.22% over the past one year. While a 52-week high of $22.35 was reached on 03/30/22, a 52-week low of $17.98 was recorded on 06/16/22. SMA at 50 days reached $20.14, while 200 days put it at $20.15. A total of 0.58 million shares were traded, compared to the trading of 1.19 million shares in the previous session.

Levels Of Support And Resistance For EBC Stock

The 24-hour chart illustrates a support level at 18.75, which if violated will result in even more drops to 18.59. On the upside, there is a resistance level at 19.18. A further resistance level may holdings at 19.45. The Relative Strength Index (RSI) on the 14-day chart is 37.16, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.96, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 79.82%. Stochastics %K at 22.13% indicates the stock is a holding.

How much short interest is there in Eastern Bankshares Inc.?

A steep rise in short interest was recorded in Eastern Bankshares Inc. stocks on Jul 14, 2022, dropping by -0.63 million shares to a total of 2.75 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 3.38 million shares. There was a decline of -22.91%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.59% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.18.

Eastern Bankshares Inc. [EBC] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 15,241,469 shares, or roughly 8.55% of the outstanding EBC shares. In other words, the investor’s shares have fallen by -223,314 from its previous 13-F filing of 15464783.0. Additionally, BlackRock Fund Advisors decreased -5.22% of its stake after which the total value it holdings stand at $195,312,847, while Fidelity Management & Research Co added 8.43% of its stake to hold $124.8 million in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -641,625 shares of Eastern Bankshares Inc., while Wellington Management Co. LLP sold 284,445 shares. At present, Brown Advisory LLC is holding 3,217,611 shares valued at $63.19 million. Geode Capital Management LLC owned 2,989,422 shares of the company at the time of its most recent 13F filing, worth $58.71 million.

According to FactSet, Eastern Bankshares Inc.’s share price will average $23.25 in the next year, based on opinions of analysts polled by the firm. This is up nearly 20.1 percent from its previous closing price of $19.15. Analysts expect Eastern Bankshares Inc. stock to reach the higher price of $25.00, while the lowest price estimate is $22.00. However, 4 analysts have rated EBC stock as a Buy in their predictions for 2022.

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