Great Lakes Advisors LLC Raises Stock Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Posted by Defense World Staff on Aug 20th, 2023

Great Lakes Advisors LLC lifted its stake in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,637 shares of the financial services provider’s stock after purchasing an additional 857 shares during the period. Great Lakes Advisors LLC’s holdings in East West Bancorp were worth $3,310,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of EWBC. Amalgamated Bank lifted its holdings in East West Bancorp by 8.8% in the fourth quarter. Amalgamated Bank now owns 110,957 shares of the financial services provider’s stock worth $7,312,000 after buying an additional 9,017 shares during the period. Simplicity Solutions LLC purchased a new position in shares of East West Bancorp in the 1st quarter valued at approximately $212,000. Archer Investment Corp bought a new stake in shares of East West Bancorp during the first quarter valued at approximately $64,000. American Century Companies Inc. raised its holdings in East West Bancorp by 8.7% in the fourth quarter. American Century Companies Inc. now owns 436,826 shares of the financial services provider’s stock worth $28,787,000 after purchasing an additional 35,053 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in East West Bancorp during the first quarter valued at $906,000. Institutional investors own 87.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of East West Bancorp in a research report on Thursday. They issued a “sell” rating on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 target price on shares of East West Bancorp in a research note on Monday, July 24th. Wedbush boosted their price target on East West Bancorp from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Truist Financial reduced their price objective on East West Bancorp from $64.00 to $62.00 in a research report on Thursday, June 29th. Finally, 92 Resources reissued a “maintains” rating on shares of East West Bancorp in a report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $68.86.

View Our Latest Report on EWBC

East West Bancorp Price Performance

Shares of EWBC opened at $54.79 on Friday. East West Bancorp, Inc. has a twelve month low of $33.86 and a twelve month high of $80.98. The company has a market capitalization of $7.75 billion, a P/E ratio of 6.14, a price-to-earnings-growth ratio of 0.65 and a beta of 1.43. The firm has a 50 day moving average of $56.29 and a 200 day moving average of $58.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.02.

East West Bancorp (NASDAQ:EWBC – Get Free Report) last posted its earnings results on Thursday, July 20th. The financial services provider reported $2.20 EPS for the quarter, hitting analysts’ consensus estimates of $2.20. The business had revenue of $645.00 million during the quarter, compared to analyst estimates of $660.49 million. East West Bancorp had a return on equity of 20.86% and a net margin of 37.14%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.81 EPS. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 8.4 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date was Monday, July 31st. East West Bancorp’s dividend payout ratio (DPR) is 21.52%.

East West Bancorp Company Profile

(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. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.