Schwab Charles Investment Management Inc. lifted its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 598,351 shares of the financial services provider’s stock after purchasing an additional 17,374 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.41% of East West Bancorp worth $35,770,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in East West Bancorp by 156.1% during the second quarter. Royal Bank of Canada now owns 72,735 shares of the financial services provider’s stock worth $4,260,000 after acquiring an additional 44,336 shares during the period. Dai Ichi Life Insurance Company Ltd grew its holdings in East West Bancorp by 113.8% during the second quarter. Dai Ichi Life Insurance Company Ltd now owns 96,514 shares of the financial services provider’s stock worth $5,654,000 after acquiring an additional 51,378 shares during the period. British Airways Pensions Investment Management Ltd grew its holdings in East West Bancorp by 38.8% during the third quarter. British Airways Pensions Investment Management Ltd now owns 552,985 shares of the financial services provider’s stock worth $33,049,000 after acquiring an additional 154,504 shares during the period. Principal Financial Group Inc. grew its holdings in East West Bancorp by 128.7% during the second quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock worth $172,888,000 after acquiring an additional 1,660,844 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in East West Bancorp by 352.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,516 shares of the financial services provider’s stock worth $1,378,000 after acquiring an additional 18,321 shares during the period. 91.41% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on EWBC. Zacks Investment Research raised East West Bancorp from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Thursday, August 24th. 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. Morgan Stanley reissued an “equal weight” rating and issued a $63.00 target price (up previously from $61.00) on shares of East West Bancorp in a report on Wednesday, October 4th. Raymond James Financial raised East West Bancorp from an “underperform” rating to a “market perform” rating in a report on Thursday, October 5th. Finally, Wedbush reissued an “outperform” rating and issued a $66.00 target price (down previously from $68.00) on shares of East West Bancorp in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $64.90.
East West Bancorp, Inc. (NASDAQ EWBC) opened at $60.35 on Friday. East West Bancorp, Inc. has a 12-month low of $48.07 and a 12-month high of $63.92. The firm has a market capitalization of $8,723.17, a PE ratio of 18.07, a P/E/G ratio of 1.64 and a beta of 1.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99.
East West Bancorp (NASDAQ:EWBC) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The firm had revenue of $348.97 million for the quarter, compared to the consensus estimate of $349.28 million. During the same period in the prior year, the business posted $0.76 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. analysts predict that East West Bancorp, Inc. will post 3.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, October 31st. This represents a $0.80 annualized dividend and a yield of 1.33%. East West Bancorp’s dividend payout ratio (DPR) is presently 21.98%.
In related news, Director Jack C. Liu sold 2,200 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $58.07, for a total transaction of $127,754.00. Following the transaction, the director now directly owns 23,599 shares in the company, valued at $1,370,393.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herman Y. Li sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $61.00, for a total value of $610,000.00. Following the completion of the transaction, the director now owns 40,130 shares in the company, valued at $2,447,930. The disclosure for this sale can be found here. Insiders have sold 14,116 shares of company stock worth $844,993 over the last quarter. 0.88% of the stock is currently owned by company insiders.
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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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