Element Capital Management LLC purchased a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,567 shares of the financial services provider's stock, valued at approximately $2,654,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in East West Bancorp during the 4th quarter worth approximately $26,000. Picton Mahoney Asset Management increased its position in shares of East West Bancorp by 1,971.4% in the 1st quarter. Picton Mahoney Asset Management now owns 290 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 276 shares during the last quarter. Grove Bank & Trust increased its holdings in East West Bancorp by 448.9% in the first quarter. Grove Bank & Trust now owns 516 shares of the financial services provider's stock valued at $46,000 after buying an additional 422 shares during the last quarter. Versant Capital Management Inc raised its stake in East West Bancorp by 89.7% in the first quarter. Versant Capital Management Inc now owns 518 shares of the financial services provider's stock valued at $46,000 after buying an additional 245 shares in the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new stake in East West Bancorp during the 4th quarter worth about $100,000. Hedge funds and other institutional investors own 89.53% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on EWBC shares. Citigroup boosted their price objective on shares of East West Bancorp from $100.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Jefferies Financial Group started coverage on East West Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $115.00 price target on the stock. DA Davidson boosted their price objective on East West Bancorp from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Barclays increased their price objective on East West Bancorp from $110.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price objective on shares of East West Bancorp from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $114.15.
Check Out Our Latest Analysis on EWBC
Insider Activity at East West Bancorp
In related news, CEO Dominic Ng sold 40,000 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $103.38, for a total transaction of $4,135,200.00. Following the sale, the chief executive officer owned 888,314 shares of the company's stock, valued at approximately $91,833,901.32. The trade was a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.04% of the stock is owned by company insiders.
East West Bancorp Stock Performance
Shares of EWBC stock traded down $0.15 during trading hours on Thursday, reaching $101.27. 178,094 shares of the company's stock were exchanged, compared to its average volume of 1,016,038. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.89 and a quick ratio of 0.89. The company's 50 day moving average is $102.02 and its two-hundred day moving average is $93.65. The company has a market cap of $13.96 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 1.37 and a beta of 0.97. East West Bancorp, Inc. has a 1 year low of $68.27 and a 1 year high of $113.95.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.05. The firm had revenue of $705.00 million for the quarter, compared to the consensus estimate of $702.04 million. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%.The company's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.07 earnings per share. Equities research analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.
East West Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, August 4th. East West Bancorp's dividend payout ratio (DPR) is currently 28.04%.
About East West Bancorp
(
Free Report)
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. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.
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