Boston-based Eastern Bankshares, Inc. (NASDAQ:EBC) saw a significant transaction by one of its board members, Harlam Bari A, who sold a total of 4,968 shares of company stock. The sales were conducted at an average price of $13.08 per share, accumulating to over $64,981 in total value. The transactions took place on March 18, 2024, and were reported in a recent filing.
The actual sales prices ranged from $12.90 to $13.25 per share, according to the filing. Harlam Bari A, who is a director at Eastern Bankshares, executed these sales under a pre-arranged Rule 10b5-1 trading plan, which was adopted on November 17, 2023. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information, thus helping to avoid any potential accusations of insider trading.
Following these sales, the director still holds a substantial number of shares in the company. The ownership includes 16,589 shares of common stock, 12,500 shares held jointly with a spouse, 37,258 shares of restricted stock that are part of an unvested grant, and an additional 4,782 shares of restricted stock that are set to vest in full on May 15, 2024. This brings Harlam Bari A's total remaining ownership to 71,129 shares after the reported transactions.
The filing was signed by Sara Rundell on behalf of Harlam Bari A, through the power of attorney, on March 20, 2024. Eastern Bankshares, Inc. operates as a federally chartered savings institution and is headquartered in Boston, Massachusetts. The company's shares are traded on the NASDAQ Stock Market under the ticker symbol EBC.
InvestingPro Insights
Amidst the recent share sales by board member Harlam Bari A, Eastern Bankshares, Inc. (NASDAQ:EBC) presents a mixed financial landscape. One notable highlight for current and potential investors is the company's commitment to shareholder returns, as indicated by its dividend track record. InvestingPro Tips reveal that Eastern Bankshares has raised its dividend for three consecutive years, signaling a stable approach to shareholder value. Moreover, despite a challenging financial period, analysts are optimistic about the company's prospects, expecting net income and sales to grow this year.
On the data front, Eastern Bankshares' market capitalization stands at $2.17 billion, with a Price/Earnings (P/E) ratio of 9.34, suggesting a valuation that might be attractive to investors looking for potentially undervalued stocks. However, the Adjusted P/E Ratio for the last twelve months as of Q4 2023 paints a different picture at -34.19, reflecting recent challenges and perhaps a more cautious outlook. Additionally, the company's Revenue Growth for the same period shows a significant decline of -53.32%, which may raise concerns about its short-term revenue trajectory.
For investors interested in a deeper analysis, there are more InvestingPro Tips available on the platform, providing a comprehensive look at Eastern Bankshares' financial health and future expectations. Readers can unlock these insights and take advantage of additional expert analysis with the special offer code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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