Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Eastern Bankshares Inc. shares valued at $238,569 were sold by Borgen Luis on Nov 30. At $19.21 per share, Borgen Luis sold 12,419 shares. The insider’s holdings dropped to 77,546 shares worth approximately $1.2 million following the completion of this transaction.
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Also, Jackson Deborah C sold 5,713 shares, netting a total of over 109,747 in proceeds. Following the sale of shares at $19.21 each, the insider now holds 72,752 shares.
Before that, Harlam Bari A had sold 5,000 shares from its account. In a trade valued at $96,050, the Director traded Eastern Bankshares Inc. shares for $19.21 each. Upon closing the transaction, the insider’s holdings decreased to 5,000 shares, worth approximately $1.12 million.
As published in a research note from JP Morgan on January 31, 2023, Eastern Bankshares Inc. [EBC] has been rated down from a Neutral to an Underweight and the price target has been revised to $15 from $19.50. This represents a -3.27% premium over Thursday’s closing price. Analysts at Janney downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late January. As of November 16, 2021, Piper Sandler has initiated its “an Overweight” rating for EBC. Earlier on February 18, 2021, Seaport Global Securities initiated its rating. Their recommendation was “a Buy” for EBC stock.
Analyzing EBC Stock Performance
On Thursday, Eastern Bankshares Inc. [NASDAQ: EBC] plunged -0.90% to $15.49. The stock’s lowest price that day was $15.32, but it reached a high of $15.535 in the same session. During the last five days, there has been a drop of approximately -2.70%. Over the course of the year, Eastern Bankshares Inc. shares have dropped approximately -10.20%. Shares of the company reached a 52-week high of $18.09 on 01/06/23 and a 52-week low of $15.25 on 01/27/23. A 50-day SMA is recorded $16.68, while a 200-day SMA reached $18.85. Nevertheless, trading volume fell to 0.8 million shares from 0.99 million shares the previous day.
Support And Resistance Levels for Eastern Bankshares Inc. (EBC)
According to the 24-hour chart, there is a support level at 15.52, which, if violated, would cause prices to drop to 15.40. In the upper region, resistance lies at 15.71. The next price resistance is at 15.79. RSI (Relative Strength Index) is 31.77 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.20, which suggests the price will decrease in the coming days. Percent R is at 77.03%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Eastern Bankshares Inc. subject to short interest?
Stocks of Eastern Bankshares Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.0 shares to 2.15 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 2.15 million shares.
Which companies own the most shares of Eastern Bankshares Inc. (EBC)?
According to The Vanguard Group, Inc. filings, the company currently owns 15,295,853 shares, which is about 8.66% of the total EBC shares outstanding. The investor’s shares have appreciated by 209,958 from its previous 13-F filing of 15085895.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $163,069,292. Fidelity Management & Research Co reduced a -0.40% interest valued at $102.21 million while SSgA Funds Management, Inc. purchased a 175,075 stake. A total of 155,662 shares of Eastern Bankshares Inc. were bought by Wellington Management Co. LLP during the quarter, and 464,974 were bought by Capital Research & Management Co. In its current portfolio, T. Rowe Price Investment Manageme holds 3,836,961 shares valued at $62.04 million.
In terms of Eastern Bankshares Inc. share price expectations, FactSet research, analysts set an average price target of $17.80 in the next 12 months, up nearly 21.56% from the previous closing price of $15.63. Analysts anticipate Eastern Bankshares Inc. stock to reach $19.00 by 2023, with the lowest price target being $15.00. In spite of this, 5 analysts ranked Eastern Bankshares Inc. stock as an Overweight at the end of 2023. On November 10, 2020, JP Morgan assigned a price target of “a Neutral” to the stock and initiated coverage with a $14.