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BOSTON—Deborah C. Jackson, a director at Eastern Bankshares, Inc. (NASDAQ:EBC), has sold a significant portion of her holdings in the company. According to a recent filing with the Securities and Exchange Commission, Jackson sold 5,713 shares of common stock on December 2, 2024. The shares were sold at an average price of $18.56, with actual prices ranging from $18.42 to $18.65 per share, totaling $106,033. The sale comes as Eastern Bankshares, with a market capitalization of $3.66 billion, has seen its stock surge over 50% in the past year. InvestingPro data shows the company maintains a healthy 2.6% dividend yield and trades at a P/E ratio of 8.25.
Following this transaction, Jackson retains direct ownership of 67,284 shares, which includes a mix of common and restricted stock. Additionally, she holds 19,000 shares indirectly through an Individual Retirement Account (IRA).
The sales were conducted under a Rule 10b5-1 trading plan, which Jackson adopted on November 17, 2023.
In other recent news, Eastern Bankshares, Inc. reported a successful merger with Cambridge Trust, making it the largest community bank in Eastern Massachusetts and New Hampshire. Despite a GAAP net loss of $6 million due to merger-related costs, the bank posted an operating net income of $49.7 million, a 36% increase from the previous quarter. The bank's wealth management assets have surpassed $8 billion, and it has maintained its position as the leading SBA (LON:SBA) lender in Massachusetts for the 16th year. The bank also reported a dividend increase of 9% and a share repurchase program. Despite an increase in non-performing loans to $125 million, primarily due to PCD loans from Cambridge, the bank's wealth revenues surged over 100% to $14.9 million. These recent developments indicate Eastern Bankshares' resilience and potential for growth following the merger.
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