Hartford Investment Management Co. reduced its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,238 shares of the financial services provider’s stock after selling 2,100 shares during the period. Hartford Investment Management Co. owned 0.07% of East West Bancorp worth $6,172,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada grew its stake in East West Bancorp by 156.1% in the 2nd quarter. Royal Bank of Canada now owns 72,735 shares of the financial services provider’s stock worth $4,260,000 after acquiring an additional 44,336 shares in the last quarter. Dai Ichi Life Insurance Company Ltd grew its stake in East West Bancorp by 113.8% in the 2nd quarter. Dai Ichi Life Insurance Company Ltd now owns 96,514 shares of the financial services provider’s stock worth $5,654,000 after acquiring an additional 51,378 shares in the last quarter. British Airways Pensions Investment Management Ltd grew its stake in East West Bancorp by 38.8% in the 3rd quarter. British Airways Pensions Investment Management Ltd now owns 552,985 shares of the financial services provider’s stock worth $33,049,000 after acquiring an additional 154,504 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of East West Bancorp by 352.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,516 shares of the financial services provider’s stock worth $1,378,000 after purchasing an additional 18,321 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of East West Bancorp by 128.7% in the 2nd quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock worth $172,888,000 after purchasing an additional 1,660,844 shares during the period. Institutional investors and hedge funds own 91.31% of the company’s stock.

In related news, Director Jack C. Liu sold 2,200 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total transaction of $127,754.00. Following the completion of the sale, the director now owns 23,599 shares of the company’s stock, valued at $1,370,393.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Herman Y. Li sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total transaction of $610,000.00. Following the sale, the director now directly owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The disclosure for this sale can be found here. Insiders have sold 14,116 shares of company stock valued at $844,993 in the last three months. 0.88% of the stock is currently owned by corporate insiders.

Shares of East West Bancorp, Inc. (EWBC) opened at $61.33 on Friday. East West Bancorp, Inc. has a 52-week low of $48.07 and a 52-week high of $62.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $8,895.17, a P/E ratio of 18.42, a P/E/G ratio of 1.68 and a beta of 1.47.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. The company had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $349.28 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. East West Bancorp’s revenue for the quarter was up 15.0% compared to the same quarter last year. equities analysts forecast that East West Bancorp, Inc. will post 3.49 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, October 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.30%. East West Bancorp’s payout ratio is 21.98%.

Several brokerages have recently weighed in on EWBC. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Thursday, August 24th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 price target on shares of East West Bancorp in a research report on Tuesday, September 26th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $63.00 price target (up previously from $61.00) on shares of East West Bancorp in a research report on Wednesday, October 4th. SunTrust Banks reaffirmed a “buy” rating and issued a $68.00 price target on shares of East West Bancorp in a research report on Wednesday. Finally, Raymond James Financial raised shares of East West Bancorp from an “underperform” rating to a “market perform” rating in a research report on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $64.90.

TRADEMARK VIOLATION NOTICE: This piece of content was first posted by Daily Political and is the sole property of of Daily Political. If you are viewing this piece of content on another publication, it was stolen and reposted in violation of United States & international copyright and trademark laws. The correct version of this piece of content can be read at https://www.dailypolitical.com/2017/12/02/east-west-bancorp-inc-ewbc-shares-sold-by-hartford-investment-management-co.html.

East West Bancorp 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.

Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC).

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

Receive News & Ratings for East West Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.