California State Teachers Retirement System decreased its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 8.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 269,083 shares of the financial services provider’s stock after selling 24,944 shares during the quarter. California State Teachers Retirement System owned about 0.19% of East West Bancorp worth $15,763,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in EWBC. UBS Asset Management Americas Inc. lifted its position in shares of East West Bancorp by 19.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 87,556 shares of the financial services provider’s stock worth $4,519,000 after acquiring an additional 13,968 shares during the period. United Services Automobile Association bought a new stake in shares of East West Bancorp in the 1st quarter worth approximately $591,000. Legal & General Group Plc lifted its position in shares of East West Bancorp by 62.7% in the 1st quarter. Legal & General Group Plc now owns 131,406 shares of the financial services provider’s stock worth $6,784,000 after acquiring an additional 50,622 shares during the period. MARSHALL WACE ASIA Ltd bought a new stake in shares of East West Bancorp in the 1st quarter worth approximately $744,000. Finally, Marshall Wace North America L.P. acquired a new position in shares of East West Bancorp in the 1st quarter worth approximately $744,000. Hedge funds and other institutional investors own 90.39% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. Deutsche Bank AG cut East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price target for the company. in a report on Friday, July 14th. BMO Capital Markets reaffirmed a “hold” rating and set a $61.00 price target on shares of East West Bancorp in a report on Thursday, October 5th. Zacks Investment Research upgraded East West Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 6th. Finally, DA Davidson reiterated a “hold” rating and issued a $63.00 price objective on shares of East West Bancorp in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $64.60.
In other news, Director Rudolph Estrada sold 1,916 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $55.97, for a total value of $107,238.52. Following the completion of the sale, the director now directly owns 15,475 shares of the company’s stock, valued at $866,135.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website
. Also, Director Herman Y. Li sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $61.00, for a total transaction of $610,000.00. Following the transaction, the director now owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The disclosure for this sale can be found here
. 0.88% of the stock is owned by insiders.
Shares of East West Bancorp, Inc. (EWBC) traded down 0.05% during midday trading on Friday, hitting $61.19. The stock had a trading volume of 1,312,701 shares. The stock’s 50-day moving average price is $58.05 and its 200 day moving average price is $56.56. East West Bancorp, Inc. has a 52 week low of $38.13 and a 52 week high of $61.90. The company has a market cap of $8.84 billion, a price-to-earnings ratio of 17.48 and a beta of 1.46.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of $348.97 million for the quarter, compared to analyst estimates of $349.28 million. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. East West Bancorp’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, equities analysts forecast that East West Bancorp, Inc. will post $3.76 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.31%. East West Bancorp’s payout ratio is 21.98%.
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About East West Bancorp
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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