Cigna Investments Inc. New raised its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 117.2% during the second quarter, Holdings Channel reports. The fund owned 12,743 shares of the financial services provider’s stock after buying an additional 6,875 shares during the period. Cigna Investments Inc. New’s holdings in East West Bancorp were worth $746,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of East West Bancorp by 11,449.0% in the first quarter. BlackRock Inc. now owns 11,955,936 shares of the financial services provider’s stock worth $617,046,000 after buying an additional 11,852,412 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of East West Bancorp by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,840,450 shares of the financial services provider’s stock worth $611,085,000 after buying an additional 566,257 shares during the last quarter. State Street Corp boosted its position in shares of East West Bancorp by 3.4% in the first quarter. State Street Corp now owns 6,094,888 shares of the financial services provider’s stock worth $314,556,000 after buying an additional 199,996 shares during the last quarter. Boston Partners boosted its position in shares of East West Bancorp by 10.1% in the first quarter. Boston Partners now owns 5,739,945 shares of the financial services provider’s stock worth $296,238,000 after buying an additional 526,404 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of East West Bancorp by 1.1% in the first quarter. Macquarie Group Ltd. now owns 4,038,781 shares of the financial services provider’s stock worth $208,441,000 after buying an additional 45,604 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

Shares of East West Bancorp, Inc. (EWBC) opened at 55.01 on Friday. The company has a 50-day moving average of $57.72 and a 200 day moving average of $54.94. East West Bancorp, Inc. has a 12-month low of $34.02 and a 12-month high of $60.42. The company has a market cap of $7.95 billion, a PE ratio of 15.71 and a beta of 1.41.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.81. The company had revenue of $337.49 million for 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 prior year, the firm posted $0.71 EPS. On average, equities research analysts expect that East West Bancorp, Inc. will post $3.74 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.45%. The ex-dividend date is Friday, July 28th. East West Bancorp’s dividend payout ratio (DPR) is presently 22.92%.

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EWBC has been the topic of a number of recent research reports. Zacks Investment Research cut shares of East West Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 9th. BidaskClub upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of East West Bancorp in a research report on Thursday, July 20th. Morgan Stanley reiterated an “equal weight” rating and set a $60.00 price target (up from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. Finally, BMO Capital Markets cut shares of East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a research report on Friday, July 7th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $62.88.

In other East West Bancorp news, Director Jack C. Liu sold 1,123 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

About East West Bancorp

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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Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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