Janney Montgomery Scott LLC increased its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 14.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 144,937 shares of the financial services provider’s stock after buying an additional 17,746 shares during the period. Janney Montgomery Scott LLC owned approximately 0.10% of East West Bancorp worth $8,490,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in EWBC. BlackRock Inc. raised its stake in East West Bancorp by 11,449.0% in the first quarter. BlackRock Inc. now owns 11,955,936 shares of the financial services provider’s stock valued at $617,046,000 after buying an additional 11,852,412 shares in the last quarter. Vanguard Group Inc. raised its stake in East West Bancorp by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,840,450 shares of the financial services provider’s stock valued at $611,085,000 after buying an additional 566,257 shares in the last quarter. State Street Corp raised its stake in East West Bancorp by 3.4% in the first quarter. State Street Corp now owns 6,094,888 shares of the financial services provider’s stock valued at $314,556,000 after buying an additional 199,996 shares in the last quarter. Boston Partners raised its stake in East West Bancorp by 10.1% in the first quarter. Boston Partners now owns 5,739,945 shares of the financial services provider’s stock valued at $296,238,000 after buying an additional 526,404 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in East West Bancorp by 1.1% in the first quarter. Macquarie Group Ltd. now owns 4,038,781 shares of the financial services provider’s stock valued at $208,441,000 after buying an additional 45,604 shares in the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.
Shares of East West Bancorp, Inc. (NASDAQ EWBC) traded down 0.13% during midday trading on Friday, hitting $55.01. The company’s stock had a trading volume of 748,154 shares. East West Bancorp, Inc. has a 52-week low of $34.02 and a 52-week high of $60.42. The firm has a market cap of $7.95 billion, a P/E ratio of 15.71 and a beta of 1.41. The stock’s 50 day moving average is $57.72 and its 200-day moving average is $54.94.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, hitting the consensus estimate of $0.81. The firm had revenue of $337.49 million for the quarter, compared to analysts’ expectations of $329.32 million. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Equities analysts predict that East West Bancorp, Inc. will post $3.74 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.80 annualized dividend and a yield of 1.45%. East West Bancorp’s dividend payout ratio (DPR) is presently 22.92%.
EWBC has been the topic of several research analyst reports. Zacks Investment Research lowered East West Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. BidaskClub upgraded East West Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of East West Bancorp in a research note on Thursday, July 20th. Morgan Stanley reiterated an “equal weight” rating and set a $60.00 target price (up previously from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Finally, BMO Capital Markets lowered East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research note on Friday, July 7th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.88.
In related news, Director Jack C. Liu sold 1,123 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total value of $66,257.00. Following the completion of the transaction, the director now directly owns 23,669 shares in the company, valued at $1,396,471. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by insiders.
East West Bancorp Company Profile
East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.
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