Dark Forest Capital Management LP Decreases Stock Position in Eastern Bankshares, Inc. (NASDAQ:EBC)

Dark Forest Capital Management LP lowered its position in shares of Eastern Bankshares, Inc. (NASDAQ:EBC) by 70.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,256 shares of the company’s stock after selling 95,190 shares during the period. Dark Forest Capital Management LP’s holdings in Eastern Bankshares were worth $694,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Eastern Bankshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 20,122,356 shares of the company’s stock valued at $347,111,000 after purchasing an additional 90,293 shares in the last quarter. FMR LLC grew its stake in shares of Eastern Bankshares by 1.9% during the fourth quarter. FMR LLC now owns 18,786,337 shares of the company’s stock valued at $324,064,000 after acquiring an additional 355,262 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Eastern Bankshares by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,932,470 shares of the company’s stock worth $119,585,000 after acquiring an additional 259,476 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Eastern Bankshares by 23.3% in the fourth quarter. First Trust Advisors LP now owns 5,080,479 shares of the company’s stock worth $87,638,000 after acquiring an additional 960,591 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Eastern Bankshares by 1.5% in the fourth quarter. Jennison Associates LLC now owns 4,028,897 shares of the company’s stock valued at $69,498,000 after purchasing an additional 59,339 shares during the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

Eastern Bankshares Price Performance

NASDAQ EBC opened at $15.79 on Friday. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 23.57 and a beta of 0.96. Eastern Bankshares, Inc. has a 12 month low of $12.54 and a 12 month high of $19.40. The company’s fifty day moving average price is $16.12 and its two-hundred day moving average price is $17.16.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Eastern Bankshares had a net margin of 11.07% and a return on equity of 6.02%. As a group, analysts anticipate that Eastern Bankshares, Inc. will post 1.49 EPS for the current year.

Insiders Place Their Bets

In other Eastern Bankshares news, CFO R David Rosato bought 10,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $15.40 per share, with a total value of $154,000.00. Following the completion of the acquisition, the chief financial officer now owns 20,000 shares of the company’s stock, valued at approximately $308,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $22.00 price objective (up from $21.00) on shares of Eastern Bankshares in a report on Monday, January 27th.

Eastern Bankshares 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.