Fifth Third Bancorp lowered its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 3.8% during the first quarter, HoldingsChannel reports. The firm owned 322,575 shares of the financial services provider’s stock after selling 12,852 shares during the period. Fifth Third Bancorp’s holdings in East West Bancorp were worth $15,474,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Berman Capital Advisors LLC boosted its position in East West Bancorp by 170.4% during the 1st quarter. Berman Capital Advisors LLC now owns 622 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 392 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in East West Bancorp by 44.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 677 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 208 shares during the period. Gemmer Asset Management LLC boosted its position in East West Bancorp by 69.6% during the 1st quarter. Gemmer Asset Management LLC now owns 714 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 293 shares during the period. Icon Wealth Partners LLC acquired a new stake in East West Bancorp during the 1st quarter worth about $37,000. Finally, JOYN Advisors Inc. boosted its position in East West Bancorp by 6,200.0% during the 4th quarter. JOYN Advisors Inc. now owns 1,071 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,054 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on EWBC shares. Zacks Investment Research upgraded East West Bancorp from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Tuesday, March 12th. BidaskClub upgraded East West Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, February 22nd. Finally, Wedbush raised their price objective on East West Bancorp from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $61.88.
Shares of NASDAQ EWBC opened at $44.25 on Friday. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.94 and a beta of 1.63. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. East West Bancorp, Inc. has a one year low of $40.05 and a one year high of $70.64.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.06). The firm had revenue of $404.59 million for the quarter, compared to analyst estimates of $411.11 million. East West Bancorp had a net margin of 35.42% and a return on equity of 15.78%. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Equities analysts expect that East West Bancorp, Inc. will post 4.98 EPS for the current year.
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East West Bancorp Profile
East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States and Greater China. It operates in three segments: Consumer and Business Banking, Commercial Banking, and Other.
Further Reading: Diversification
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