California Public Employees Retirement System raised its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 397,475 shares of the financial services provider’s stock after buying an additional 7,975 shares during the period. California Public Employees Retirement System owned approximately 0.27% of East West Bancorp worth $23,761,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. lifted its position in shares of East West Bancorp by 11.5% during the 2nd quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after purchasing an additional 1,373,528 shares during the last quarter. Vanguard Group Inc. raised its stake in East West Bancorp by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after acquiring an additional 893,764 shares in the last quarter. State Street Corp raised its stake in East West Bancorp by 16.5% during the 2nd quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after acquiring an additional 1,004,860 shares in the last quarter. Boston Partners raised its stake in East West Bancorp by 0.8% during the 3rd quarter. Boston Partners now owns 6,619,308 shares of the financial services provider’s stock worth $395,702,000 after acquiring an additional 50,476 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in East West Bancorp by 4.2% during the 3rd quarter. Macquarie Group Ltd. now owns 4,440,696 shares of the financial services provider’s stock worth $265,465,000 after acquiring an additional 178,496 shares in the last quarter. 91.37% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the stock. Wells Fargo & Co reiterated an “outperform” rating and set a $72.00 price target (up from $65.00) on shares of East West Bancorp in a research note on Tuesday. Morgan Stanley lifted their price objective on shares of East West Bancorp from $61.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Piper Jaffray Companies restated a “buy” rating and issued a $79.00 price objective on shares of East West Bancorp in a research note on Tuesday. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Thursday, September 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. East West Bancorp currently has an average rating of “Hold” and an average target price of $67.25.
East West Bancorp, Inc. (NASDAQ EWBC) traded up $1.24 during trading hours on Thursday, hitting $67.14. 957,297 shares of the stock were exchanged, compared to its average volume of 950,615. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $9,700.00, a price-to-earnings ratio of 18.39, a PEG ratio of 1.55 and a beta of 1.46. East West Bancorp, Inc. has a twelve month low of $48.07 and a twelve month high of $67.60.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. The business had revenue of $348.97 million during the quarter, compared to analyst estimates of $349.28 million. During the same quarter in the previous year, the business posted $0.76 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. equities analysts expect that East West Bancorp, Inc. will post 3.49 earnings per share for the current year.
In other news, Director Jack C. Liu sold 2,200 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total value of $127,754.00. Following the completion of the sale, the director now owns 23,599 shares of the company’s stock, valued at $1,370,393.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herman Y. Li sold 10,000 shares of the 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 completion of the sale, the director now directly owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The disclosure for this sale can be found here. Insiders have sold 17,200 shares of company stock valued at $1,044,054 in the last ninety days. 0.88% of the stock is currently owned by company insiders.
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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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