Insider Selling Buzz: Eastern Bankshares Inc. [EBC] Director Borgen Luis sold 12,419 shares of the company


Eastern Bankshares Inc.’s recent filing unveils that its Director Borgen Luis unloaded Company’s shares for reported $0.24 million on Nov 30. In the deal valued at $19.21 per share,12,419 shares were sold. As a result of this transaction, Borgen Luis now holds 77,546 shares worth roughly $ 0.89 million.

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Then, Jackson Deborah C sold 5,713 shares, generating $109,747 in total proceeds. Upon selling the shares at $19.21, the Director now owns 72,752 shares.

Before that, Harlam Bari A sold 5,000 shares. Eastern Bankshares Inc. shares valued at $96,050 were divested by the Director at a price of $19.21 per share. As a result of the transaction, Harlam Bari A now holds 72,465 shares, worth roughly $0.83 million.

JP Morgan downgraded its Eastern Bankshares Inc. [EBC] rating to an Underweight from a a Neutral in a research note published on Monday, January 31, 2023; the price target was decreased to $15 from $19.50. PT values the company’s stock at a premium of 23.67 to its Monday closing price. A number of analysts have revised their coverage, including Janney’s analysts, who decreased its forecast for the stock in late January from “a Buy” to “a Neutral”. Piper Sandler began covering EBC with “an Overweight” recommendation on November 16, 2021. Seaport Global Securities started covering the stock on February 18, 2021. It rated EBC as “a Buy”.

Price Performance Review of EBC

On Monday, Eastern Bankshares Inc. [NASDAQ:EBC] saw its stock fall -17.09% to $11.45. On the same session, the stock had its day’s lowest price of $11.25, but rose to a high of $13.00. Over the last five days, the stock has lost -28.39%. Eastern Bankshares Inc. shares have fallen nearly -33.62% since the year began. Nevertheless, the stocks have fallen -46.72% over the past one year. While a 52-week high of $22.35 was reached on 01/06/23, a 52-week low of $13.56 was recorded on 03/13/23. SMA at 50 days reached $16.34, while 200 days put it at $18.70. A total of 6.2 million shares were traded, compared to the trading of 1.52 million shares in the previous session.

Levels Of Support And Resistance For EBC Stock

The 24-hour chart illustrates a support level at 10.80, which if violated will result in even more drops to 10.15. On the upside, there is a resistance level at 12.55. A further resistance level may holdings at 13.65. The Relative Strength Index (RSI) on the 14-day chart is 12.14, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.00, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 95.84%. Stochastics %K at 5.33% indicates the stock is a buying.

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

A steep rise in short interest was recorded in Eastern Bankshares Inc. stocks on Jan 30, 2023, growing by 0.0 shares to a total of 2.15 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 2.15 million shares.

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

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 15,295,853 shares, or roughly 8.68% of the outstanding EBC shares. In other words, the investor’s shares have risen by 209,958 from its previous 13-F filing of 15085895.0. Additionally, BlackRock Fund Advisors increased 1.41% of its stake after which the total value it holdings stand at $158,127,798, while Fidelity Management & Research Co reduced -0.40% of its stake to hold $99.11 million in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 175,075 shares of Eastern Bankshares Inc., while Wellington Management Co. LLP bought 155,662 shares. At present, Capital Research & Management Co is holding 4,010,414 shares valued at $62.88 million. T. Rowe Price Investment Manageme owned 3,836,961 shares of the company at the time of its most recent 13F filing, worth $60.16 million.

The most recent change occurred on November 10, 2020 when JP Morgan began covering the stock and recommended ‘”a Neutral”‘ rating along with a $14 price target.


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