Eastern Bank Cuts Procter & Gamble Stake by 5.7%
Eastern Bank reduced its stake in Procter & Gamble Company (NYSE: PG) by 5.7% during the third quarter, selling 24,366 shares. The bank now holds 402,740 shares, valued at $58,510,000, according to its latest 13F filing with the Securities & Exchange Commission.
Other institutional investors have also adjusted their positions in PG. Greenwich Wealth Management LLC increased its stake by 5.4% in the second quarter, while QRG Capital Management Inc. boosted its holdings by 8.2%. Envestnet Portfolio Solutions Inc. raised its position by 18.2%, and State Street Corp grew its stake by 1.0%. Security National Bank of Sioux City Iowa IA initiated a new position valued at approximately $177,000. Institutional investors collectively own 65.77% of PG's stock.
PG stock rose by $0.61 to $145.52 during midday trading on Monday, with a market capitalization of $337.99 billion. The company reported earnings of $1.43 per share for the quarter, surpassing estimates of $1.41, and revenue of $21.20 billion, slightly below the expected $21.38 billion. PG has set its FY 2027 guidance at 6.890-7.110 EPS.
The company recently declared a quarterly dividend of $1.0885 per share, paid on August 17th, representing an annualized dividend of $4.35 and a yield of 3.0%. Analysts have mixed views, with Bank of America lowering its price target to $166.00 but maintaining a "buy" rating, while Argus downgraded PG to a "hold" rating. The stock has a consensus "Moderate Buy" rating with an average target price of $161.55.