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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