Korea Investment CORP Invests $9.06 Million in East West Bancorp, Inc. (NASDAQ:EWBC)
Korea Investment CORP bought a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) during the second quarter, Holdings Channel reports. The institutional investor bought 154,600 shares of the financial services provider’s stock, valued at approximately $9,056,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio bought a new position in East West Bancorp during the second quarter worth about $110,000. Washington Trust Bank increased its position in East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock worth $123,000 after buying an additional 86 shares during the last quarter. CENTRAL TRUST Co bought a new position in East West Bancorp during the first quarter worth about $177,000. Quadrature Capital Ltd bought a new position in East West Bancorp during the fourth quarter worth about $221,000. Finally, Eagle Global Advisors LLC bought a new position in East West Bancorp during the second quarter worth about $222,000. Institutional investors own 88.12% of the company’s stock.
East West Bancorp, Inc. (EWBC) opened at 57.08 on Thursday. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 16.30 and a beta of 1.41. The company’s 50-day moving average is $57.80 and its 200 day moving average is $54.89. East West Bancorp, Inc. has a 52-week low of $33.02 and a 52-week high of $60.42.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.81. The firm had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. During the same quarter in the previous year, the firm earned $0.71 EPS. Equities analysts forecast that East West Bancorp, Inc. will post $3.71 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, July 28th. East West Bancorp’s dividend payout ratio is presently 22.92%.
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Several research firms have weighed in on EWBC. Barclays PLC restated an “overweight” rating and set a $63.00 price objective (up previously from $61.00) on shares of East West Bancorp in a report on Sunday, April 23rd. Keefe, Bruyette & Woods restated a “hold” rating and set a $57.00 price objective on shares of East West Bancorp in a report on Monday, May 22nd. Deutsche Bank AG downgraded shares of East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price objective on the stock. in a report on Friday, July 14th. Morgan Stanley upped their price objective on shares of East West Bancorp from $57.00 to $59.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. Finally, Zacks Investment Research upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $62.88.
In related news, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total value of $66,257.00. Following the completion of the sale, the director now directly owns 23,669 shares in the company, valued at approximately $1,396,471. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by insiders.
East West Bancorp Company Profile
East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.
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