Jennison Associates LLC Sells 809,164 Shares of Eastern Bankshares, Inc. (NASDAQ:EBC)

Jennison Associates LLC cut its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 25.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,416,927 shares of the company’s stock after selling 809,164 shares during the quarter. Jennison Associates LLC owned about 1.37% of Eastern Bankshares worth $34,320,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp purchased a new stake in Eastern Bankshares in the fourth quarter worth about $164,000. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Eastern Bankshares in the 3rd quarter worth approximately $151,000. Jump Financial LLC bought a new position in Eastern Bankshares during the 3rd quarter valued at approximately $220,000. Verdence Capital Advisors LLC raised its stake in Eastern Bankshares by 32.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,408 shares of the company’s stock valued at $243,000 after buying an additional 4,792 shares during the last quarter. Finally, AlphaMark Advisors LLC purchased a new position in Eastern Bankshares during the fourth quarter valued at $282,000. 71.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Eastern Bankshares Trading Up 0.4 %

NASDAQ:EBC opened at $13.13 on Thursday. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 9.31 and a beta of 0.85. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average price is $13.14 and its 200-day moving average price is $13.07. Eastern Bankshares, Inc. has a 52 week low of $9.93 and a 52 week high of $15.07.

Eastern Bankshares (NASDAQ:EBC) last announced its quarterly earnings results on Thursday, January 25th. The company reported $0.10 EPS 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, equities research analysts forecast that Eastern Bankshares, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $13.08, for a total transaction of $526,967.04. Following the completion of the sale, the director now directly owns 42,040 shares in the company, valued at approximately $549,883.20. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.15% of the stock is currently owned by corporate insiders.

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.