Covington Capital Management Lowers Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Covington Capital Management cut its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,255 shares of the financial services provider’s stock after selling 750 shares during the quarter. Covington Capital Management’s holdings in East West Bancorp were worth $1,279,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC increased its position in shares of East West Bancorp by 139.2% during the fourth quarter. FMR LLC now owns 3,780,589 shares of the financial services provider’s stock valued at $184,115,000 after acquiring an additional 2,200,318 shares during the last quarter. Millennium Management LLC grew its holdings in East West Bancorp by 622.3% during the third quarter. Millennium Management LLC now owns 662,921 shares of the financial services provider’s stock valued at $29,360,000 after purchasing an additional 571,145 shares during the period. Goldman Sachs Group Inc. grew its holdings in East West Bancorp by 39.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 888,150 shares of the financial services provider’s stock valued at $43,252,000 after purchasing an additional 250,108 shares during the period. Handelsbanken Fonder AB grew its holdings in East West Bancorp by 11.2% during the fourth quarter. Handelsbanken Fonder AB now owns 2,388,321 shares of the financial services provider’s stock valued at $116,311,000 after purchasing an additional 240,129 shares during the period. Finally, AQR Capital Management LLC grew its holdings in East West Bancorp by 37.6% during the fourth quarter. AQR Capital Management LLC now owns 774,028 shares of the financial services provider’s stock valued at $37,695,000 after purchasing an additional 211,333 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

EWBC has been the subject of a number of analyst reports. TheStreet lowered East West Bancorp from a “b-” rating to a “c+” rating in a report on Friday, February 28th. Wells Fargo & Co reaffirmed a “buy” rating on shares of East West Bancorp in a report on Friday, March 6th. ValuEngine lowered East West Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub lowered East West Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, March 6th. Finally, UBS Group lowered East West Bancorp from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $50.00 in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. East West Bancorp currently has a consensus rating of “Hold” and a consensus target price of $50.38.

In related news, Director Herman Y. Li sold 3,300 shares of East West Bancorp stock in a transaction on Friday, March 20th. The stock was sold at an average price of $31.03, for a total transaction of $102,399.00. Following the completion of the sale, the director now owns 35,961 shares of the company’s stock, valued at $1,115,869.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rudolph Estrada sold 2,626 shares of East West Bancorp stock in a transaction on Monday, January 27th. The shares were sold at an average price of $47.61, for a total value of $125,023.86. Following the sale, the director now directly owns 15,977 shares of the company’s stock, valued at approximately $760,664.97. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

East West Bancorp stock opened at $28.73 on Thursday. East West Bancorp, Inc. has a one year low of $26.32 and a one year high of $52.97. The business has a fifty day moving average price of $39.87 and a 200-day moving average price of $44.26. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $4.32 billion, a P/E ratio of 6.23, a PEG ratio of 0.69 and a beta of 1.70.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.12. East West Bancorp had a return on equity of 14.73% and a net margin of 32.22%. The firm had revenue of $431.20 million during the quarter, compared to analyst estimates of $413.66 million. During the same period last year, the company earned $1.18 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts expect that East West Bancorp, Inc. will post 4.3 earnings per share for the current fiscal year.

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.

Read More: Intrinsic Value

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Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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