JP Morgan slashes price target on Eastern Bankshares Inc. [EBC] – find out why.

Eastern Bankshares Inc. [NASDAQ: EBC] closed the trading session at $12.40 on 03/15/23. The day’s price range saw the stock hit a low of $11.63, while the highest price level was $12.47. The company report on March 9, 2023 that Eastern Bank Launches Equity Alliance for Business, Further Advancing Growth Opportunities for Underrepresented Business Owners.

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Includes specialized and innovative credit solutions, and access to insights, mentoring and networking resources.

As part of its deep and long-standing commitment to drive greater economic inclusion and mobility, Eastern Bank is announcing today the launch of Equity Alliance for Business to further advance the growth of underrepresented business owners and entrepreneurs. Specifically for business owners who are women or people of color and all their intersectionality, including the LGBTQIA+, veterans and disabled communities, Equality Alliance for Business provides a specialized credit offering designed to meet the needs of diverse business owners. It also provides access to other banking and community services as well as entrepreneurial insights and tools, with input from leading business support organizations and delivered by a team of diverse bankers.

The stocks have a year to date performance of -28.12 percent and weekly performance of -19.06 percent. The stock has been moved at -37.94 percent over the last six months. The stock has performed -22.26 percent around the most recent 30 days and changed -32.02 percent over the most recent 3-months.

If compared to the average trading volume of 928.34K shares, EBC reached to a volume of 5221136 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Eastern Bankshares Inc. [EBC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EBC shares is $18.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EBC stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Eastern Bankshares Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on January 31, 2023. The new note on the price target was released on January 30, 2023, representing the official price target for Eastern Bankshares Inc. stock. Previously, the target price had yet another raise to $25, while Piper Sandler analysts kept a Overweight rating on EBC stock.

The Average True Range (ATR) for Eastern Bankshares Inc. is set at 0.68, with the Price to Sales ratio for EBC stock in the period of the last 12 months amounting to 3.73. The Price to Book ratio for the last quarter was 0.84, with the Price to Cash per share for the same quarter was set at 0.67. Price to Free Cash Flow for EBC in the course of the last twelve months was 10.69.

EBC stock trade performance evaluation

Eastern Bankshares Inc. [EBC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -19.06. With this latest performance, EBC shares dropped by -22.26% in over the last four-week period, additionally sinking by -37.94% over the last 6 months – not to mention a drop of -41.73% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EBC stock in for the last two-week period is set at 25.59, with the RSI for the last a single of trading hit 24.94, and the three-weeks RSI is set at 26.93 for Eastern Bankshares Inc. [EBC]. The present Moving Average for the last 50 days of trading for this stock 16.14, while it was recorded at 12.86 for the last single week of trading, and 18.64 for the last 200 days.

Eastern Bankshares Inc. [EBC]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Eastern Bankshares Inc. [EBC] shares currently have an operating margin of +33.11. Eastern Bankshares Inc.’s Net Margin is presently recorded at +25.76.

Return on Equity for this stock inclined to 6.80, with Return on Assets sitting at 0.86.

Eastern Bankshares Inc. [EBC]: Insider Ownership positions

There are presently around $1,214 million, or 64.80% of EBC stock, in the hands of institutional investors. The top three institutional holders of EBC stocks are: VANGUARD GROUP INC with ownership of 15,603,193, which is approximately 1.439% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 11,277,394 shares of the stock with an approximate value of $139.84 million in EBC stocks shares; and FMR LLC, currently with $78.4 million in EBC stock with ownership of nearly -0.402% of the company’s market capitalization.

Positions in Eastern Bankshares Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 97 institutional holders increased their position in Eastern Bankshares Inc. [NASDAQ:EBC] by around 6,356,463 shares. Additionally, 104 investors decreased positions by around 6,570,998 shares, while 43 investors held positions by with 84,994,509 shares. The mentioned changes placed institutional holdings at 97,921,970 shares, according to the latest SEC report filing. EBC stock had 22 new institutional investments in for a total of 730,520 shares, while 24 institutional investors sold positions of 1,536,963 shares during the same period.


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