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In a recent transaction, Eastern Bankshares , Inc. (NASDAQ:EBC) Chief Financial Officer Rosato R. David acquired 10,000 shares of common stock. The purchase, which took place on March 11, 2025, was executed at a price of $15.40 per share, amounting to a total transaction value of $154,000. The stock, currently trading at $15.84, is currently fairly valued according to InvestingPro analysis, with analysts setting price targets between $19 and $23. Following this acquisition, David’s total holdings increased to 20,000 shares. The shares are held indirectly by a spouse in trust. This insider purchase comes as InvestingPro data shows the company offering a 3.06% dividend yield and trading below book value at 0.87x, with 4 analysts recently revising their earnings estimates upward. For deeper insights into EBC’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Eastern Bankshares Inc. reported its third-quarter 2024 financial results, which presented a mixed picture for investors. The company met earnings per share (EPS) expectations with a figure of $0.34, but revenue fell short of forecasts, reaching $216.54 million against the anticipated $227.29 million. Despite this revenue shortfall, Eastern Bankshares completed a successful merger with Cambridge Trust, which has expanded its wealth management services. The merger is seen as a strategic move to bolster the company’s position as a leading local full-service bank in New England. The operating net income showed a significant increase of 36% from the previous quarter, reaching $49.7 million. Analysts from firms like Piper Sandler have noted the company’s strong commercial loan pipeline, indicating potential future growth. The company’s net interest margin improved to 2.97%, and it anticipates maintaining a net interest margin between 3.00% and 3.05% in the fourth quarter. Eastern Bankshares’ strategic initiatives, including the merger, have positioned it to navigate market challenges and capitalize on growth opportunities.
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