Assetmark Inc. increased its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,228 shares of the financial services provider’s stock after buying an additional 4,393 shares during the quarter. Assetmark Inc. owned 0.10% of East West Bancorp worth $8,526,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. SRS Capital Advisors Inc. acquired a new stake in East West Bancorp during the third quarter valued at $100,000. Itau Unibanco Holding S.A. acquired a new stake in East West Bancorp during the second quarter valued at $108,000. First Hawaiian Bank acquired a new stake in East West Bancorp during the third quarter valued at $169,000. Oppenheimer Asset Management Inc. acquired a new stake in East West Bancorp during the third quarter valued at $202,000. Finally, Moody Aldrich Partners LLC acquired a new stake in East West Bancorp during the third quarter valued at $207,000. Institutional investors and hedge funds own 87.86% of the company’s stock.
A number of research firms recently issued reports on EWBC. BMO Capital Markets raised East West Bancorp from a “market perform” rating to an “outperform” rating and set a $73.00 price objective for the company in a research report on Monday, October 1st. ValuEngine cut East West Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Zacks Investment Research raised East West Bancorp from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Tuesday, September 18th. Wells Fargo & Co set a $76.00 price objective on East West Bancorp and gave the company a “buy” rating in a research report on Tuesday, October 2nd. Finally, BidaskClub raised East West Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 30th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of “Hold” and a consensus target price of $72.00.
EWBC opened at $48.17 on Friday. The firm has a market cap of $7.30 billion, a P/E ratio of 13.92, a PEG ratio of 1.04 and a beta of 1.38. East West Bancorp, Inc. has a 1 year low of $47.82 and a 1 year high of $73.98. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.11.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.03. East West Bancorp had a return on equity of 15.70% and a net margin of 34.80%. The company had revenue of $395.22 million during the quarter, compared to analysts’ expectations of $398.25 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. As a group, analysts predict that East West Bancorp, Inc. will post 4.63 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were given a $0.23 dividend. The ex-dividend date was Wednesday, October 31st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.91%. East West Bancorp’s dividend payout ratio is currently 26.59%.
About East West Bancorp
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 small and medium-sized businesses, business executives, professionals, and other individuals in the United States and Greater China. It operates through three segments: Retail Banking, Commercial Banking, and Other.
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