In a filing, Eastern Bankshares Inc. revealed its Director Borgen Luis unloaded Company’s shares for reported $0.53 million on Mar 18 ’24. In the deal valued at $13.08 per share,40,288 shares were sold. As a result of this transaction, Borgen Luis now holds 42,040 shares worth roughly $0.56 million.
Then, Jackson Deborah C sold 5,713 shares, generating $74,726 in total proceeds. Upon selling the shares at $13.08, the Director now owns 70,501 shares.
Before that, Harlam Bari A sold 4,968 shares. Eastern Bankshares Inc. shares valued at $64,981 were divested by the Director at a price of $13.08 per share. As a result of the transaction, Harlam Bari A now holds 71,129 shares, worth roughly $0.94 million.
Seaport Research Partners initiated its Eastern Bankshares Inc. [EBC] rating to a Buy in a research note published on September 12, 2023; the price target was $16. A number of analysts have revised their coverage, including JP Morgan’s analysts, who decreased its forecast for the stock in late January from “a Neutral” to “an Underweight”. Janney also remained covering EBC and has decreased its forecast on January 30, 2023 with a “Neutral” recommendation from previously “Buy” rating. Piper Sandler started covering the stock on November 16, 2021. It rated EBC as “an Overweight”.
Price Performance Review of EBC
On Monday, Eastern Bankshares Inc. [NASDAQ:EBC] saw its stock jump 1.15% to $13.22. Over the last five days, the stock has lost -1.42%. Eastern Bankshares Inc. shares have fallen nearly -6.90% since the year began. Nevertheless, the stocks have risen 5.76% over the past one year. While a 52-week high of $15.07 was reached on 01/30/24, a 52-week low of $9.93 was recorded on 03/05/24. SMA at 50 days reached $13.42, while 200 days put it at $13.13. A total of 0.63 million shares were traded, compared to the trading of 1.42 million shares in the previous session.
Levels Of Support And Resistance For EBC Stock
The 24-hour chart illustrates a support level at 13.06, which if violated will result in even more drops to 12.90. On the upside, there is a resistance level at 13.31. A further resistance level may holdings at 13.40. The Relative Strength Index (RSI) on the 14-day chart is 48.74, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.18, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 57.28%. Stochastics %K at 36.24% 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 Mar 15, 2024, growing by 0.29 million shares to a total of 4.66 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 4.37 million shares. There was a rise of 6.22%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.67% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.67.
The most recent change occurred on February 18, 2021 when Seaport Global Securities began covering the stock and recommended ‘”a Buy”‘ rating along with a $19 price target.
