East West Bancorp, Inc. $EWBC Shares Acquired by Contravisory Investment Management Inc.

Key Points

• Contravisory Investment Management increased its East West Bancorp stake by 7,433.6% in the third quarter, ending with 9,191 shares valued at approximately $1.14 million. Institutional investors collectively own 89.53% of EWBC.
• East West Bancorp reported quarterly EPS of $2.63, exceeding estimates of $2.61, while revenue rose 12.5% year over year to $789.98 million. The company also maintains a quarterly dividend of $0.80, equivalent to a 2.6% annualized yield.
• EWBC shares recently traded at $125.05, down 0.4%. Analysts remain generally positive, with an average “Moderate Buy” rating and a consensus price target of $144.08.

Contravisory Investment Management Inc. lifted its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 7,433.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,191 shares of the financial services provider's stock after acquiring an additional 9,069 shares during the quarter. Contravisory Investment Management Inc.'s holdings in East West Bancorp were worth $1,139,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Amundi grew its position in shares of East West Bancorp by 242.3% during the second quarter. Amundi now owns 57,721 shares of the financial services provider's stock valued at $7,451,000 after purchasing an additional 40,857 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of East West Bancorp in the second quarter worth about $907,000. Whittier Trust Co. lifted its position in shares of East West Bancorp by 8.3% in the first quarter. Whittier Trust Co. now owns 264,173 shares of the financial services provider's stock worth $29,046,000 after buying an additional 20,264 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of East West Bancorp in the second quarter worth about $2,737,000. Finally, Graham Capital Management L.P. boosted its stake in East West Bancorp by 105.3% during the fourth quarter. Graham Capital Management L.P. now owns 30,895 shares of the financial services provider's stock valued at $3,472,000 after buying an additional 15,843 shares during the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp Stock Down 0.4%

Shares of EWBC stock traded down $0.51 during mid-day trading on Tuesday, hitting $125.05. The stock had a trading volume of 812,153 shares, compared to its average volume of 960,481. East West Bancorp, Inc. has a 12-month low of $92.67 and a 12-month high of $137.47. The firm has a market capitalization of $17.13 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 1.37 and a beta of 0.98. The firm's 50-day moving average is $129.09 and its two-hundred day moving average is $125.79. 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 quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.02. The firm had revenue of $789.98 million during 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 company's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.24 EPS. On average, analysts predict that East West Bancorp, Inc. will post 10.64 earnings per share for the current fiscal year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, August 3rd. East West Bancorp's dividend payout ratio is 30.77%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on EWBC shares. DA Davidson boosted their price target on shares of East West Bancorp from $150.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of East West Bancorp in a research report on Tuesday, October 6th. Wall Street Zen upgraded shares of East West Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Citigroup dropped their price objective on shares of East West Bancorp from $156.00 to $152.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $152.00 target price on shares of East West Bancorp in a report on Wednesday, August 19th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $144.08.

Insider Transactions at East West Bancorp

In related news, Vice Chairman Douglas Krause sold 10,000 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $132.37, for a total transaction of $1,323,700.00. Following the sale, the insider owned 36,974 shares in the company, valued at approximately $4,894,248.38. This trade represents a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Manuel Alvarez sold 810 shares of the firm's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $130.40, for a total value of $105,624.00. Following the sale, the director owned 10,629 shares in the company, valued at $1,386,021.60. This trade represents a 7.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,810 shares of company stock worth $1,564,344 over the last 90 days. 0.94% of the stock is currently owned by company insiders.

East West Bancorp Company Profile

East West Bancorp, Inc is the parent company of East West Bank, a full-service commercial bank headquartered in Pasadena, California. Founded in 1973, the bank serves consumers, businesses, institutions and nonprofit organizations through a range of banking and financial services.

East West Bank offers deposit accounts, commercial and residential real estate lending, commercial and industrial loans, trade finance, treasury management, wealth management and other personal and business banking products.

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