Jennison Associates LLC Has $34.32 Million Stock Holdings in Eastern Bankshares, Inc. (NASDAQ:EBC)

Jennison Associates LLC reduced its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC - Free Report) by 25.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,416,927 shares of the company's stock after selling 809,164 shares during the quarter. Jennison Associates LLC owned 1.37% of Eastern Bankshares worth $34,320,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $164,000. Cornercap Investment Counsel Inc. purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $548,000. Baystate Wealth Management LLC grew its holdings in shares of Eastern Bankshares by 283.5% during the 4th quarter. Baystate Wealth Management LLC now owns 54,729 shares of the company's stock valued at $777,000 after acquiring an additional 40,458 shares in the last quarter. AlphaMark Advisors LLC purchased a new position in shares of Eastern Bankshares during the 4th quarter valued at $282,000. Finally, Vanguard Group Inc. grew its holdings in shares of Eastern Bankshares by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 16,367,130 shares of the company's stock valued at $205,244,000 after acquiring an additional 100,820 shares in the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Eastern Bankshares news, Director Luis Borgen sold 40,288 shares of Eastern Bankshares 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 sale, the director now owns 42,040 shares in the company, valued at $549,883.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is owned by company insiders.

Eastern Bankshares Stock Performance

EBC stock traded down $0.19 during mid-day trading on Thursday, reaching $12.94. 717,840 shares of the stock traded hands, compared to its average volume of 951,279. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. Eastern Bankshares, Inc. has a 52 week low of $9.93 and a 52 week high of $15.07. The business has a 50-day moving average of $13.12 and a two-hundred day moving average of $13.07. The firm has a market capitalization of $2.28 billion, a PE ratio of 9.18 and a beta of 0.85.

Eastern Bankshares (NASDAQ:EBC - Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.11). The business had revenue of $160.05 million for the quarter, compared to the consensus estimate of $153.53 million. As a group, equities analysts predict that Eastern Bankshares, Inc. will post 1.18 EPS for the current fiscal year.

Analyst Ratings Changes

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

Eastern Bankshares Company Profile

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.