Eastern Bankshares rises after Hovde starts coverage at 'outperform'

Eastern Bankshares

05/01/2026 13:47

** Regional lender Eastern Bankshares' EBC.O shares rise 2.5% to $19 premarket

** Hovde Group starts coverage of EBC at "outperform" rating and assigns $22.50 PT, a 21.4% upside to stock's last close

** Brokerage says fundamental outperformance combined with EBC's strong position in the Massachusetts market should result in valuation in line with high-performing banks in the U.S.

** With Boston's household income growth still projected to outpace the national average, Hovde sees great opportunity for deposit growth at EBC in 2026 and beyond

** Hovde also expects EBC's wealth management business to post continued growth as cross-sell opportunities abound within recently acquired HarborOne Bancorp's footprint

** EBC stock rose 1.5% in 2025

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))