Benjamin Edwards Inc. acquired a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,212 shares of the financial services provider's stock, valued at approximately $1,576,000.
A number of other hedge funds also recently made changes to their positions in EWBC. Geneos Wealth Management Inc. lifted its holdings in shares of East West Bancorp by 66.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider's stock worth $72,000 after acquiring an additional 321 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $274,000. Baird Financial Group Inc. acquired a new position in East West Bancorp during the 2nd quarter worth approximately $290,000. Marshall Wace LLP increased its holdings in East West Bancorp by 34.3% during the second quarter. Marshall Wace LLP now owns 3,223 shares of the financial services provider's stock worth $325,000 after buying an additional 823 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in East West Bancorp by 118.7% during the second quarter. Cerity Partners LLC now owns 35,335 shares of the financial services provider's stock worth $3,568,000 after purchasing an additional 19,178 shares during the period. 89.53% of the stock is owned by institutional investors and hedge funds.
East West Bancorp Price Performance
Shares of NASDAQ:EWBC opened at $126.76 on Wednesday. The company has a market capitalization of $17.37 billion, a P/E ratio of 12.19, a P/E/G ratio of 1.47 and a beta of 0.93. East West Bancorp, Inc. has a 1-year low of $92.67 and a 1-year high of $137.47. The firm's 50 day simple moving average is $131.34 and its two-hundred day simple moving average is $122.48. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.88.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.02. The firm had revenue of $789.98 million for the quarter, compared to analysts' expectations of $784.47 million. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The business's revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.24 EPS. Research analysts expect that East West Bancorp, Inc. will post 10.61 EPS for the current fiscal year.
East West Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 3rd were given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 3rd. East West Bancorp's payout ratio is presently 30.77%.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on EWBC shares. Stephens lifted their price objective on shares of East West Bancorp from $129.00 to $135.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 22nd. Wells Fargo & Company initiated coverage on East West Bancorp in a research note on Monday, August 10th. They issued an "overweight" rating and a $155.00 target price on the stock. Citigroup restated a "buy" rating on shares of East West Bancorp in a report on Thursday, July 23rd. Wall Street Zen raised East West Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Barclays increased their price objective on East West Bancorp from $150.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $141.92.
Check Out Our Latest Analysis on East West Bancorp
Insider Activity
In related news, Vice Chairman Douglas Paul Krause sold 10,000 shares of East West Bancorp stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $132.37, for a total transaction of $1,323,700.00. Following the completion of the sale, the insider owned 36,974 shares of the company's stock, valued at $4,894,248.38. The trade was a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jack C. Liu sold 1,000 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total transaction of $135,020.00. Following the completion of the sale, the director directly owned 13,709 shares in the company, valued at $1,850,989.18. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 23,511 shares of company stock worth $3,077,741. Corporate insiders own 0.94% of the company's stock.
East West Bancorp Profile
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Free Report)
East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.
Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.
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