World Asset Management Inc Has $545,000 Position in East West Bancorp, Inc. (NASDAQ:EWBC)
World Asset Management Inc boosted its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 9,298 shares of the financial services provider’s stock after buying an additional 354 shares during the period. World Asset Management Inc’s holdings in East West Bancorp were worth $545,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in East West Bancorp during the second quarter valued at approximately $110,000. Washington Trust Bank raised its stake 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 valued at $123,000 after buying an additional 86 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in East West Bancorp during the first quarter valued at approximately $177,000. Quadrature Capital Ltd purchased a new stake in East West Bancorp during the fourth quarter valued at approximately $221,000. Finally, Eagle Global Advisors LLC purchased a new stake in East West Bancorp during the second quarter valued at approximately $222,000. 88.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of East West Bancorp, Inc. (NASDAQ EWBC) opened at 57.08 on Thursday. East West Bancorp, Inc. has a 12-month low of $33.02 and a 12-month high of $60.42. The firm has a market cap of $8.25 billion, a P/E ratio of 16.30 and a beta of 1.41. The company has a 50-day moving average of $57.80 and a 200 day moving average of $54.89.
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 for the quarter, hitting the Zacks’ consensus estimate of $0.81. The company had revenue of $337.49 million for the quarter, compared to the consensus estimate of $329.32 million. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. During the same quarter last year, the firm posted $0.71 earnings per share. Equities research analysts anticipate that East West Bancorp, Inc. will post $3.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis 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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EWBC has been the topic of several analyst reports. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, April 20th. Piper Jaffray Companies set a $68.00 price target on shares of East West Bancorp and gave the company a “buy” rating in a research report on Saturday, June 17th. BidaskClub raised shares of East West Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Morgan Stanley reaffirmed an “equal weight” rating and set a $60.00 price target (up previously from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $62.88.
In other news, Director Jack C. Liu sold 1,123 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total value of $66,257.00. Following the transaction, the director now owns 23,669 shares of the company’s stock, valued at approximately $1,396,471. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.
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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