Eastern Bankshares, Inc. (NASDAQ:EBC) Shares Sold by Jennison Associates LLC

Jennison Associates LLC decreased its holdings in Eastern Bankshares, Inc. (NASDAQ:EBC) by 25.1% in the fourth quarter, Holdings Channel reports. The firm owned 2,416,927 shares of the company’s stock after selling 809,164 shares during the period. Jennison Associates LLC’s holdings in Eastern Bankshares were worth $34,320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EBC. FMR LLC grew its position in Eastern Bankshares by 24.9% during the 3rd quarter. FMR LLC now owns 9,926,166 shares of the company’s stock worth $124,474,000 after purchasing an additional 1,979,113 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Eastern Bankshares by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,480,552 shares of the company’s stock valued at $18,566,000 after buying an additional 66,050 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of Eastern Bankshares in the 3rd quarter valued at $854,000. Rhumbline Advisers increased its position in shares of Eastern Bankshares by 0.5% in the 3rd quarter. Rhumbline Advisers now owns 249,603 shares of the company’s stock valued at $3,130,000 after acquiring an additional 1,184 shares during the period. Finally, Vanguard Group Inc. raised its stake in Eastern Bankshares by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 16,367,130 shares of the company’s stock worth $205,244,000 after acquiring an additional 100,820 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eastern Bankshares

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $13.08, for a total transaction of $526,967.04. Following the sale, the director now directly owns 42,040 shares of the company’s stock, valued at approximately $549,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Eastern Bankshares in a research note on Friday, January 26th.

Eastern Bankshares Stock Performance

EBC opened at $13.13 on Thursday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 12-month low of $9.93 and a 12-month high of $15.07. The firm has a 50 day moving average of $13.14 and a two-hundred day moving average of $13.07. The firm has a market capitalization of $2.32 billion, a PE ratio of 9.31 and a beta of 0.85.

Eastern Bankshares (NASDAQ:EBC) last released its quarterly earnings data on Thursday, January 25th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.11). The firm had revenue of $160.05 million for the quarter, compared to analysts’ expectations of $153.53 million. On average, analysts anticipate that Eastern Bankshares, Inc. will post 1.18 EPS for the current year.

About Eastern Bankshares

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. The company provides deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts.