Piper Sandler analyst Mark Fitzgibbon raised the firm’s price target on Eastern Bankshares (EBC) to $16.50 from $15 and keeps an Overweight rating on the shares. The firm notes that the company has announced it was selling its insurance agency operations to Arthur J. Gallagher (AJG) for $510M in cash. Eastern also said that it was acquiring Cambridge Bancorp (CATC) for $528M in stock.
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Read More on EBC:
- Cambridge Bancorp up 25% at $60.59 after entering Eastern Bankshares merger
- Eastern Bankshares trading resumes
- Cambridge Bancorp Enters Into Definitive Agreement to Merge with Eastern Bankshares, Inc.
- Cambridge Bancorp and Eastern Bankshares enter into definitive merger agreement
- Eastern Bankshares to merge with Cambridge Bancorp in $528M deal
