BlackRock Inc. raised its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 1.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 15,854,861 shares of the financial services provider’s stock after acquiring an additional 223,815 shares during the period. BlackRock Inc. owned approximately 10.89% of East West Bancorp worth $741,532,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Advantage Investment Management LLC grew its stake in East West Bancorp by 64.1% in the second quarter. Advantage Investment Management LLC now owns 717 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 280 shares during the period. QCI Asset Management Inc. NY acquired a new stake in East West Bancorp in the second quarter valued at approximately $37,000. FTB Advisors Inc. acquired a new stake in East West Bancorp in the second quarter valued at approximately $44,000. Meeder Asset Management Inc. grew its stake in East West Bancorp by 1,042.9% in the second quarter. Meeder Asset Management Inc. now owns 960 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 876 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in East West Bancorp in the second quarter valued at approximately $47,000. 87.99% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:EWBC opened at $45.89 on Friday. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 0.96 and a beta of 1.66. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.18. East West Bancorp, Inc. has a 12-month low of $37.69 and a 12-month high of $56.09. The business’s 50 day moving average is $43.47 and its 200 day moving average is $44.84.
East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, October 17th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.03). The company had revenue of $421.28 million for the quarter, compared to analysts’ expectations of $418.32 million. East West Bancorp had a net margin of 31.98% and a return on equity of 14.90%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. As a group, equities research analysts expect that East West Bancorp, Inc. will post 4.78 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 2.40%. East West Bancorp’s dividend payout ratio is currently 23.61%.
In other East West Bancorp news, EVP Andy Yen acquired 1,300 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $38.92 per share, with a total value of $50,596.00. Following the completion of the transaction, the executive vice president now owns 55,849 shares in the company, valued at $2,173,643.08. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Dominic Ng acquired 25,840 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average cost of $38.71 per share, for a total transaction of $1,000,266.40. Following the transaction, the chief executive officer now owns 538,250 shares of the company’s stock, valued at approximately $20,835,657.50. The disclosure for this purchase can be found here. In the last three months, insiders acquired 38,052 shares of company stock worth $1,478,330. Insiders own 0.61% of the company’s stock.
A number of brokerages have commented on EWBC. ValuEngine cut East West Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Morgan Stanley cut their target price on East West Bancorp from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research report on Friday, October 4th. Wells Fargo & Co cut their target price on East West Bancorp from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Finally, Wedbush cut their target price on East West Bancorp from $55.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. East West Bancorp has an average rating of “Hold” and a consensus target price of $53.43.
East West Bancorp Company 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.
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